A risk management plan is a proactive strategy that organizations use to identify, assess, and manage risks that could negatively impact their operations. It involves the process of assessing potential risks, determining which risks are the most significant, and then developing and implementing strategies to mitigate those risks. The comprehensive plan covers a variety of areas, such as financial risks, operational risks, legal risks, reputational risks, and security risks. By having a risk management plan in place, organizations can more effectively prepare for any potential risk, minimize the likelihood of those risks occurring, and be better equipped to handle them if they do occur.
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