Which of the following is not a component of risk management?

Risk management involves identifying, assessing, and prioritizing risks followed by coordinated application of resources to minimize, control, and monitor the impact of such risks. Among the options, quality assurance, financial management, and safety protocols are all integral to effective risk management strategies.

Quality assurance ensures that processes meet established standards, which directly impacts risk by minimizing the likelihood of errors or failures. Financial management encompasses budgeting and resource allocation, which are critical for addressing risks associated with financial losses or inefficiencies. Safety protocols are essential in identifying potential hazards and mitigating risks related to health and safety in the workplace.

While staff management is important in any organization, it is not traditionally categorized as a component of risk management in this context. Staff management may be a supportive function that facilitates the execution of risk management policies, but it does not directly address the identification and mitigation of risks in the way the other components do. Therefore, it is not considered a core element of risk management.