Risk Management Process. 1 Step 1: Identify the Risk. The first step is to identify the risks that the business is exposed to in its operating environment. There are many … 2 Step 2: Analyze the Risk. 3 Step 3: Evaluate or Rank the Risk. 4 Step 4: Treat the Risk. 5 Step 5: Monitor and Review the Risk. More items
The next phase of Risk management process is risk Identification Process, it is important to identify the potential risks and then give their detailed description. Hence all possible sources of risk management training such as the positions of the stakeholders, market changes, manufacturing errors or work accidents should be thoroughly analyzed.
With any new project comes new risks lying in wait. While your organization can’t entirely avoid risk, you can anticipate and mitigate risks through an established risk management process. Follow these risk management steps to streamline your team for success, making the team more agile and responsive when risks do arise.Risk Management Process Phases diagram