When you look at a situation and consider the potential rewards and dangers, that is risk management. When it comes to trading, risk management has to do with analyzing your exposure to risk and whether it is justified by the probability and size of your reward. For your individual trading, you will need to make sure to place trades with appropriate exit strategies so you aren't risking to lose more than you stand to gain.
For the Apiary Fund, risk management means analyzing the trading styles of individuals. The risk management team at the Apiary Fund works with traders to ensure their readiness for a funded account. Risk managers like to see consistent and profitable strategies that have proven reliable over time. Volatility or inconsistency in a trader's style would mean there is an unknown level of risk.