Risk management is when you identify, prioritize and assess risks followed by organized application of your resources in order to track, lessen and control events that are fortuitous or unfortunate in nature. This is used in economics in order to get the most for the realization of goals and business prospects. Risk management aims to prove that uncertain, unexpected and unordinary events do not affect or hinder the business to succeed and reach the end goal. This is why this is important in the planning process.
Define the term RISK MANAGEMENT