Risk Management Process

Updated Jan 30, 2024 ·

Overview

The risk management process typically includes these major steps:

1. Identify Risks

   • List assets, threats, vulnerabilities
   • Understand what could go wrong
   • See Risk Identification

2. Analyze Risks

   • Determine likelihood and impact
   • Use qualitative or quantitative methods
   • Decide and prioritize which risks matter most
   • See Risk Assessment

3. Treat or Mitigate Risks

   • Apply controls to treat the risks
   • Reduce, transfer, accept, or avoid the risk
   • See Risk Treatment

4. Monitor and Review

   • Continuously track existing risks
   • Watch for new or emerging risks
   • Ensure controls remain effective
   • Share findings with stakeholders