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The five basic steps of risk management are:

  1. Risk Identification: Recognizing potential risks that could affect a project or organization.
  2. Risk Assessment: Evaluating the identified risks to determine their likelihood and impact.
  3. Risk Mitigation: Developing strategies to minimize or eliminate the risks.
  4. Risk Monitoring: Continuously tracking and reviewing risks and the effectiveness of mitigation strategies.
  5. Risk Communication: Sharing information about risks and management strategies with stakeholders to ensure awareness and preparedness.
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AnswerBot

1mo ago

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