Which component is NOT part of the risk management process according to the acceptable practices?

The process of risk management involves several key components, and one of them includes identifying and analyzing risks that an organization may face. It also involves monitoring and reviewing the measures put in place to control these risks and taking steps to mitigate any residual risks that remain after initial measures have been implemented.

Eliminating all risks completely, however, is not a realistic goal or a recognized step within the risk management process. Risks are inherent to any activity or decision, and complete elimination often isn’t feasible due to a variety of factors such as cost, practicality, or the nature of the risks themselves. Instead, effective risk management focuses on understanding, monitoring, and minimizing risks to an acceptable level rather than attempting to eliminate them entirely. This is why the assertion of completely eliminating risks does not align with the acceptable practices of risk management.