Which of the following is NOT a component of risk management?

The correct response is that ignoring potential hazards is not a component of risk management. Effective risk management encompasses a proactive approach that involves recognizing and addressing risks rather than dismissing or overlooking them.

Identifying threats is a crucial first step in the risk management process, as it allows organizations to become aware of potential risks that could impact their operations or objectives. Controlling threats involves implementing strategies to mitigate or eliminate those identified risks, ensuring that they do not escalate into larger issues. Assessing vulnerabilities similarly plays a vital role, as it involves evaluating the weaknesses within a system or organization that could be exploited by those threats.

In summary, ignoring potential hazards undermines the goals of risk management, which are to minimize exposure to risk and protect resources effectively. By neglecting to acknowledge risks, an organization exposes itself to unforeseen challenges that could negatively affect its functioning.