Which of the following best describes risk management?

Risk management is best described as identifying and mitigating threats because it encompasses a proactive approach to recognizing potential risks and implementing strategies to address them before they can adversely affect a project or organization. This process involves assessing various risks, determining their likelihood and impact, and developing plans to minimize or eliminate those risks.

By focusing on both identification and mitigation, risk management ensures that not only are possible issues recognized early on, but also that effective measures are taken to reduce their impact or prevent them from occurring. This approach is critical for achieving project success and maintaining organizational resilience. It contrasts with simply documenting past failures or ignoring potential risks, which would not contribute to preventing future issues.