What is the management of risks that could affect project success termed?

The concept being referred to is comprehensive and encompasses the entire process of identifying, assessing, and prioritizing risks that could impact a project. This approach goes beyond just minimizing or eliminating risks; it involves a systematic process that includes the formulation of strategies to manage those risks effectively.

Risk management involves several stages, including risk identification, where potential risks to project success are pinpointed; risk analysis, which assesses the likelihood and potential impact of these risks; and risk response planning, which determines how to mitigate or leverage those risks. Additionally, ongoing risk monitoring is part of this process to ensure that new risks are identified and existing risks are appropriately managed throughout the project's lifecycle.

By framing it this way, risk management becomes an integral part of project planning and execution, ensuring that risks are not merely reacted to but managed proactively to safeguard project success.