The key components of risk management are:

The key components of risk management are identification, analysis, and control.

Identification involves recognizing potential risks that could affect an organization or individual. This step is crucial as it sets the foundation for effective risk management. Without identifying the risks, it would be impossible to analyze their potential impact or implement any control measures.

Following identification, analysis focuses on assessing the identified risks to understand their nature, likelihood of occurrence, and potential consequences. This step enables the individual or organization to prioritize the risks based on their severity and the likelihood of impact, which is essential for effective resource allocation during the risk management process.

Finally, control refers to the strategies and measures put in place to mitigate or eliminate the risks. This can include various approaches such as risk avoidance, reduction, sharing, or acceptance. Effective control measures ensure that identified risks are managed appropriately, either through proactive strategies or by maintaining ongoing monitoring of the risks.

The other options include elements that do not comprehensively represent the essential processes in risk management. For instance, including 'insurable interest' focuses more on insurance principles rather than the broader risk management process. Similarly, terms like 'frequency' or 'predictability' relate to risk assessment but do not encompass the complete cycle of identifying, analyzing, and controlling risks