What is the term for managing risks associated with negative outcomes?

The correct term for managing risks associated with negative outcomes is "Risk Management." This concept encompasses a broad set of processes that include identifying, analyzing, and responding to risks to minimize their impact on an organization or project. Risk management involves systematic procedures to assess potential risks and devise strategies to mitigate or eliminate those risks.

Risk management is essential because it allows organizations to prepare for uncertainties, ensuring that they can maintain operations, protect assets, and enhance decision-making. The primary goal is to minimize the adverse effects that risks may pose, thereby safeguarding the organization's objectives and resources.

In contrast, risk assessment refers specifically to the process of identifying and analyzing potential risks, while risk reduction focuses on strategies to lessen the likelihood of risks occurring or mitigating their impact. Risk control, on the other hand, is more about implementing the strategies that have been developed as a part of the risk management process. Thus, while all these terms are related to handling risks, risk management is the comprehensive term that addresses the overall approach to dealing with negative outcomes.