Plain English Meaning
It is the pilot's process of spotting things that could go wrong, deciding how serious they are, and doing something about them before they cause a problem.
Full Definition
Risk management is the structured process of identifying hazards, assessing the level of risk each one presents, and taking action to eliminate or reduce that risk to an acceptable level before and during a flight.
Context Anchor
Seen in training, preflight planning, weather decisions, aircraft handling discussions, and any situation where a pilot must decide whether to continue, change the plan, or stop.