human
Can you tell me the principles behind risk management?
assistant
The four fundamental principles of risk management are identification, analysis, response and monitoring. Identification is identifying the risks that could affect an organization. Analysis involves analyzing possible impacts of the identified risks and assessing the likelihood that they will occur. Response involves taking action to respond to the risk and minimizing the possibility of it occurring. Finally, monitoring involves monitoring progress on implementing risk management processes, as well as continuous tracking and updating of risks.