Risk management involves identifying, assessing, and mitigating risks that could result in liability. This process includes:
Implementing safety procedures and compliance measures.
Training employees on risk mitigation strategies.
Developing emergency response and contingency plans.
Why the other options are incorrect:
(B) Risk avoidance seeks to eliminate risk altogether but is not always feasible.
(C) Liability management is a subset of risk management but does not encompass the entire process.
(D) Limited liability analysis is a financial strategy, not a risk mitigation process.
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