What are strategic efforts made to identify, assess, and prioritize risks in a business called?

The term that accurately describes the strategic efforts made to identify, assess, and prioritize risks in a business is "risk management plans." Risk management plans encompass the systematic process by which organizations identify potential risks, analyze their potential impact, prioritize them based on this analysis, and develop strategies to deal with them effectively. This comprehensive approach ensures that businesses are prepared for uncertainties and can make informed decisions to minimize negative effects on their operations.

While risk mitigation plans focus specifically on the actions taken to reduce the impact of identified risks, they do not cover the broader strategic framework that includes risk identification and prioritization. Likewise, risk avoidance strategies pertain only to eliminating the risk entirely rather than managing it comprehensively. Risk analysis frameworks are tools used to conduct assessments but do not encompass the broader planning process involved in risk management. Understanding the full scope of risk management is crucial for effectively navigating potential challenges in a business environment.