Define 'risk management' within the context of facility management.

Risk management in the context of facility management refers to the systematic process of identifying, assessing, and mitigating risks that could impact the operations, safety, and financial stability of a facility. This involves recognizing potential hazards, analyzing the likelihood and consequences of these risks, and implementing strategies to reduce their impact or likelihood.

For instance, in a facility, risks could stem from structural weaknesses, equipment failures, or natural disasters. The risk management process would take these into account to enhance safety protocols, prepare emergency response plans, and allocate resources more effectively to ensure continuity of operations and safety of staff and patrons.

By focusing on this comprehensive approach, facility managers can proactively address uncertainties, thereby protecting the facility’s assets, the well-being of occupants, and the overall integrity of facility operations. The other choices involve more specific actions or strategies that are not as comprehensive in addressing the holistic nature of risks associated with facilities.