Solution

Here is a step-by-step process of risk management: Identify the risk: The first step in risk management is to identify potential risks that could impact the organization. Analyze the risk: Once the risks are identified, the next step is to analyze the likelihood and impact of each risk. This can be done through risk assessments or by using various analytical tools and techniques. Evaluate the risk: Based on the analysis, the risks should be prioritized based on their severity and likelihood of occurrence.  Treat the risk: After prioritizing the risks, the organization should develop and implement strategies to treat or mitigate the risks.  Monitor and review: Risk management is an ongoing process, and it is essential to monitor and review the risk management strategies regularly