What is the process of managing risks of negative outcomes called?

The correct answer is the process referred to as risk management. This process involves identifying, assessing, and prioritizing risks associated with a specific situation or project, and then implementing strategies to minimize or control the likelihood of negative outcomes. Risk management is a crucial component of any operation, as it helps organizations prepare for potential challenges and reduces the chance of unexpected setbacks that could hinder objectives.

Quality assurance focuses on maintaining the quality of products and services, ensuring that they meet specific standards, which is a different approach than directly managing risks of adverse events. Safety planning involves creating strategies to protect individuals from harm but does not encompass the broader scope of evaluating and mitigating various types of risks. Incident reporting serves as a method for documenting events that have already occurred, rather than proactively managing future risks. Therefore, risk management is specifically designed to handle potential negative outcomes through a systematic methodology.