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Risk management is a systematic process that involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. The correct order of the steps typically includes: 1) Risk Identification, 2) Risk Analysis, 3) Risk Evaluation, 4) Risk Treatment, 5) Risk Monitoring and Review. This structured approach ensures that organizations can make informed decisions to mitigate potential negative outcomes effectively.

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