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Process of risk management

  • Risk Management is the process of measuring or assessing risk and then developing strategies to manage the risk
  • Step 1: Identify the Risk - You and your team uncover, recognize and describe risks that might affect your project or its outcomes
  • Step 2: Analyze the risk. - Once risks are identified you determine the likelihood and consequence of each risk
  • When you assess project risk you can ultimately and proactively address many impacts, such as avoiding potential litigation, addressing regulatory issues
  • Step 3: Evaluate or Rank the Risk -You evaluate or rank the risk by determining the risk magnitude, which is the combination of likelihood and consequence
  • Step 4: Treat the Risk.This is also referred to as Risk Response Planning. During this step you assess your highest ranked risks and set out a plan to treat it
  • Step 5: Monitor and Review the risk -This is the step where you take your Project Risk Register and use it to monitor, track and review risks

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