Risk management involves four key steps: 1) recognizing risks, 2) assessing risks, 3) developing strategies to manage risks, and 4) mitigating risks using resources. There are various risk management strategies like transferring risk, avoiding risk, reducing the negative impacts of risk, or accepting the consequences. The objective of risk management is to reduce risks in a selected domain to a level acceptable to society. This may include threats from the environment, technology, humans, organizations, or politics.