Risk management is a crucial process involving the identification, evaluation, and prioritization of potential negative events—known as risks—followed by the implementation of strategies to minimize or control their impact and probability. These risks can originate from diverse sources, such as market volatility, project failures, legal liabilities, or natural disasters, while positive uncertainties are conversely categorized as opportunities. Professionals employ various strategies, including avoiding, reducing, transferring, or retaining threats, with dedicated Risk Managers overseeing comprehensive programs to safeguard an organization's reputation, safety, and financial success. Evolving into a formal science by the 1950s, initially in finance and insurance, risk management is now vital across all sectors, guided by standards from bodies like the International Organization for Standardization (ISO). Ideally, risks with the greatest potential loss and highest probability are addressed first, though practitioners face the complex challenge of balancing resource allocation and opportunity costs.