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The purpose of a risk management plan is to identify, assess, and prioritize potential risks that may impact a project, business or organization. The plan outlines the strategies and procedures that will be used to manage each risk, including how it will be monitored and evaluated. Effective risk management can help businesses and organizations improve decision-making, reduce uncertainty, and ensure the successful completion of projects or objectives. This, in turn, minimizes the adverse or negative effects that risks could have on the reputation, financial stability, and overall sustainability of a company or organization.
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