What term describes the system for identifying, evaluating, and controlling actual and potential risks to an organization?

The term that refers to the system for identifying, evaluating, and controlling actual and potential risks to an organization is "risk management." This encompasses a comprehensive approach involving the processes, practices, and strategies that organizations employ to protect their assets, ensure operational continuity, and adhere to regulatory requirements. Through effective risk management, an organization not only identifies potential risks but also evaluates their likely impact and implements strategies to mitigate or control these risks.

In contrast to other terms, "risk assessment" specifically focuses on the evaluation component of risk management, analyzing the likelihood and consequences of various risks without encompassing the broader strategies that guide risk control. The term "risk framework" generally refers to the structures and guidelines set in place to guide the risk management practices but does not represent the entire process itself. Lastly, "risk strategy" could suggest specific approaches or plans within the broader context of risk management, but it does not capture the entire system of identifying and controlling risks. Therefore, risk management is the most accurate term for the overall process of handling risks within an organization.