3 Answers
The risk management process is a systematic way of analyzing, planning and implementing risk mitigation strategies. The process is a continuous cycle which begins with identifying risks, developing and implementing mitigation plans, monitoring and evaluating the effectiveness of the plans.
There are many steps in the risk management process. One of these is identification, which is the first step of risk management. It is followed by analyzing and evaluation of risk, treatment of risk and continuous reporting.
Risk management is the process of controlling and assessing possible risks associated with a situation. There are three main steps involved in implementing risk management:
1) Identifying risks,
2) Quantifying the probability and impact of these risks, and
3) Developing strategies to minimize or avoid the impacts of these risks.
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