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The Risk Management Process typically involves five key steps:

  1. Risk Identification: Recognizing potential risks that could affect the project or organization.
  2. Risk Assessment: Evaluating the identified risks in terms of their likelihood and potential impact.
  3. Risk Mitigation: Developing strategies to minimize or eliminate the risks, including avoidance, transfer, acceptance, or reduction.
  4. Monitoring and Review: Continuously tracking risks and the effectiveness of mitigation strategies, adjusting as necessary.

These steps ensure a proactive approach to managing risks throughout a project's lifecycle.

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