True or False: Risk management refers to immediate management of hazards as they occur, usually during execution of an operation.

Risk management encompasses a comprehensive approach to identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. While immediate management of hazards is a critical part of this process, risk management is not limited to responding to hazards as they occur during operations. It also involves proactive planning and risk assessment before an operation begins, which includes establishing protocols and preventive measures to mitigate potential risks.

This proactive component is essential in ensuring that hazards are identified and managed in advance, thereby reducing the likelihood of incidents happening at all. Risk management is a continuous process that extends beyond just immediate responses and requires ongoing monitoring and adjustments throughout the lifecycle of an operation. Therefore, the statement that risk management refers only to immediate management during execution is not accurate, making it a false assertion.