Risk Management Process
Methodology
- Date
- 2026-05-17
| Step | Explanation |
|---|---|
| Identify | Identifying risks the business is exposed to, such as legal, environmental, market, regulatory, and other types of risks. |
| Analyze | Analyzing the risks to determine their impact and probability. The risks should be mapped to the organization's various policies, procedures, and business processes. |
| Evaluate | Evaluating, ranking, and prioritizing risks. Then, the organization must decide to accept (unavoidable), avoid (change plans), control (mitigate), or transfer risk (insure). |
| Deal | Eliminating or containing the risks as best as possible. This is handled by interfacing directly with the stakeholders for the system or process that the risk is associated with. |
| Monitor | All risks must be constantly monitored. Risks should be constantly |
| monitored for any situational changes that could change their impact | |
| score. |