The following are the 5 principles of risk management:
- Analyzing organizational environment.
- Preparation of early warning indicators.
- Reporting at all level
- Continuous improvement in management hierarchy.
- Reviewing activities.
When managing risks, it is important to identify the potential consequences and implement a plan to minimize the impact. The 5 basic principles of risk management are:
- Define the Scope of Work for a Project.
- Identify Risks
- Identify Opportunities and threats
- Assign Importance to the Risk
- Prepare a supporting structure.
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