What is risk and what are the factors need to be considered in identifying the Risk

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Risk is the potential for loss, harm, or negative impact. Factors to consider in identifying risk include likelihood, impact, and mitigation strategies.

Risk is the potential for loss or harm that may arise from uncertainties in the environment or activities.
Factors to consider in identifying risk include the likelihood of the risk occurring, the potential impact or consequences of the risk, and the effectiveness of existing mitigation strategies.
Examples of risk factors include financial risks, operational risks, compliance risks, and strategic risks.
Risk assessment tools such as risk matrices, risk registers, and risk heat maps can help in identifying and evaluating risks.
Regular risk assessments and reviews are essential to ensure that risks are effectively managed and mitigated.

What is risk and what are the factors need to be considered in identifying the Risk

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