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QUESTION 1 (15 MARKS) a) Explain the concept of the risk assessment process briefly. Why is this process practical in most real world problems?

QUESTION 1 (15 MARKS) a) Explain the concept of the risk assessment process briefly. Why is this process practical in most real world problems? (6 marks) b) Choose any business model (any type of business) and explain how the theory and concept of risk assessment will benefit this business. You can explain your reasoning by adopting suitable examples and limit your reason to three main benefits only. (9 marks)

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