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Risk Management refers to an organized and systematic approach to identify, assess, quantify, mitigate, control, monitor, and communicate potential risks that may impact an organization's business objectives, financial management, company formation, and operations. It encompasses a comprehensive framework that enables organizations to minimize losses, protect their reputation, optimize resources, and enhance overall performance by proactively managing uncertainty and vulnerability in a complex and dynamic environment. Risk Management is a critical function for all types of entities, regardless of size or industry, as it supports effective decision-making and sustainable growth in the long run.