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The five steps in the deliberate risk management process are:

  1. Risk Identification: Recognizing potential risks that could impact objectives or operations.
  2. Risk Assessment: Evaluating the identified risks in terms of likelihood and impact to prioritize them.
  3. Risk Control: Developing strategies to mitigate or eliminate the risks, including avoidance, reduction, sharing, or acceptance.
  4. Implementation: Putting the chosen risk control measures into action and ensuring that all stakeholders are informed and trained.
  5. Monitoring and Review: Continuously assessing the effectiveness of the risk management strategies and making necessary adjustments based on new information or changing circumstances.
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1mo ago

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