From reading all the response I did some research and found that there are 6 categories involved with Risk Management. They are Risk Identification, Risk Responsibilities, Risk Assessment, Risk Response, Risk Mitigation and Risk Contingency Planning. A Risk Management Plan can be considered a program that is done indefinitely with a company. It tends to stay through the duration of a project(s). Risk assessment is the topic Ill speak on and allow anyone else to speak on them more in depth. Basically, Risk assessment is determining the probability that risk can occur. With that one wants to know as well the impact of that potential risk. There are charts that display a definition of a risk i.e.( frequent, likely,…) these risk categories have a meaning associated with them. Afterwards, the value of 1 being the least and 5 the highest are evaluated using i.e(1,2,3,4,5) for the five. A risk management might have the words catastrophic appear which have many synonyms associated with it below to describe this risk assessment. With the other Risk Management categories listed, one may be able to define them?