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Risk management is the process of identifying, assessing, and mitigating risks that could impact an individual or organization's financial well-being. In Canada, risk management involves a systematic approach to identifying and evaluating potential risks, and then implementing strategies to minimize or eliminate those risks. The goal of risk management is to protect assets, income, and financial stability.
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Please let me add more to this, Here is more: risk management and insurance in canada 2nd edition pdf