What is risk management?

This lecture defines risk management as the identification, assessment, and mitigation of harm. It explains how to calculate risk scores based on severity and probability and introduces three types of risk controls: administrative (e.g., training), technical (e.g., firewalls), and physical (e.g., security guards). Examples include managing the risks of car accidents with seat belts and traffic laws and mitigating adversarial AI prompts through content filters. The lecture emphasizes structured approaches to risk management for ensuring safety and compliance.