What does a 'risk management plan' primarily aim to achieve?

A 'risk management plan' primarily aims to identify, assess, and mitigate business risks. This process is essential for organizations, as it helps to foresee potential challenges and uncertainties that could negatively impact the achievement of business objectives.

By systematically identifying risks, organizations can understand the potential threats they face, whether they arise from operational, financial, strategic, or compliance-related issues. After assessment, businesses can prioritize these risks based on their severity and the likelihood of occurrence. The mitigation strategies developed from this assessment may include measures to reduce the likelihood of these risks or measures to minimize their impact should they occur. This proactive approach enables businesses to make informed decisions, allocate resources effectively, and maintain stability in an ever-changing environment.

The other choices do not accurately reflect the primary focus of a risk management plan. Strategies to promote growth do not inherently address risks; the plan does not seek to eliminate all potential risks, as that is often impossible and unrealistic; and creating competition among business teams is unrelated to the fundamental goals of managing risks within the organization.