 In this section, I will be outlining briefly describing the concept of risk management process. So whenever we have to plan for the risk management, we have to follow a certain process and that process can be classified or distributed in five steps. The first step is risk identification. It means that if you are a firm or you are planning the risk management process in the capacity of an individual or a household, firstly, you need to identify what are the various possible risks you are exposed to. For example, if you are a firm or you are running a business or you are an individual or you are a government employee or you are doing this risk management process for the government or you are following the process. So firstly, you need to identify all the risks that you are exposed to in the future. Once you have identified all the various types of the risks to which you are exposed to, number two is to do the risk assessment. Because every risk factor will have an impact on you or on your business. That is not going to be the same. Some of the risk factors have a big effect. It can be a big loss. Some risk factors have a smaller effect. You need to assess which factors are going to have a big impact on you or on your business. For example, previously I was talking about the effect of COVID. So COVID has caused a lot of businesses a big risk. COVID exposed a number of firms or business entities to multiple types of risks. For example, hotel industry collapsed. Restaurant industry collapsed. It was a lockdown. People were not allowed to leave the house. And their running costs were not met. They were closed to hotels. When they were not allowed to eat and sell food, they were not allowed to come to hotels. They were not allowed to come to hotels. Eventually, hotels were closed to restaurants. At the same time, a similar impact was not observed in the case of all those firms who were making medicines that could be used for COVID. Either they started making masks. Or they started making PCR testing kits. Or they started making PPE costumes from which you said that all these doctors and nurses who are exposed to the patients of COVID are going to wear uniforms to protect them. So those firms who used to make uniforms if the sales of all those firms were in some units before COVID, then they went into lakhs. So now they have benefited from this particular pandemic. And there are many such sectors who have suffered from this pandemic. So it is therefore important that after identifying the various kinds of risks to which your business is exposed to, you have to assess the impact of each and every risk on your business entity. What will be the impact for you? You have to assess it. After assessing, you have to select the risk management techniques because one size does not fit all. In the same way, it is not suitable for all sectors and all firms. So in your context, what are the risk management techniques that you have to follow? You have to adopt them. After that, when you adopt those techniques, you have to implement them. After the implementation, it is not possible that whatever method you have decided, to do the risk management of your own business, it is absolutely appropriate. 100% is very good. You have to review it after its execution that what we were thinking, are we really getting those benefits? Or is it nothing like that? It is just wastage of money. Our objectives are not satisfying. So therefore, it is important to go through all these factors after identifying the various types of risks. When you identify the risks, there are two important things you have to consider. The first one is that you prepare a checklist that the potential exposures, the major risk factors, have not been missed out anywhere. Once the checklist has been prepared, that you have analyzed all the different types of risks that can be exposed to your business, then step number two should be that you should have comprehensive information, detailed knowledge about the economics of the whole industry. That you should know how different risks I have identified. This is going to affect my business overall in the whole spectrum. How are they going to affect my business? How will my sources of supply affect them? The technology I am going to use for my production, for my business, for that technology, how are the risk factors going to be influenced? The technology I am using is not going to be obsolete. There is going to be a new version of it. You have to account for all these things when you will be identifying the risks.