What is the first step in the risk management process?

Steps of the Risk Management Process

  • Identify the risk.
  • Analyze the risk.
  • Prioritize the risk.
  • Treat the risk.
  • Monitor the risk.

What are the 5 steps of the risk management process?

Steps of the Risk Management Process

  • Identify the risk.
  • Analyze the risk.
  • Prioritize the risk.
  • Treat the risk.
  • Monitor the risk.


What are the 4 process steps of risk management?

The 4 steps are:

  • Risk Identification.
  • Risk Analysis.
  • Risk Response Plan.
  • Risk Monitoring and Control.


What is the first step involved in risk management quizlet?

Step 1. Identify hazards. Step 2. Assess hazards to determine risks.

What are the 7 risk management processes?

The 7 steps below provide a good framework for effectively managing project risk.

  • Step 1- Outlining Objectives. …
  • Step 2 – Risk Management Plan. …
  • Step 3 – Identification. …
  • Step 4 – Evaluation. …
  • Step 5 – Planning. …
  • Step 6 – Management. …
  • Step 7 – Feedback.


What are the 4 types of risk management?

There are four main risk management strategies, or risk treatment options:

  • Risk acceptance.
  • Risk transference.
  • Risk avoidance.
  • Risk reduction.


What are 8 risk management processes?

Eight steps to establishing a risk management program are:

  • Implement a Risk Management Framework based on the Risk Policy. …
  • Establish the Context. …
  • Identify Risks. …
  • Analyze and Evaluate Risks. …
  • Treat and Manage Risks. …
  • Communicate and Consult. …
  • Monitor and Review. …
  • Record.


What are the 4 risk management principles?

Four Principles of ORM



Accept risks when benefits outweigh costs. Accept no unnecessary risk. Anticipate and manage risk by planning. Make risk decisions at the right level.

What are the 3 types of risk management?

Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk.

What are the 5 identified risks?

There are five core steps within the risk identification and management process. These steps include risk identification, risk analysis, risk evaluation, risk treatment, and risk monitoring.

What is the first of the 5 key elements in risk management?

This article describes the steps in the process — your job is to put them into action as soon as possible.

  • Step One: Identify Risk. …
  • Step Two: Source Risk. …
  • Step Three: Measure Risk. …
  • Step 4: Evaluate Risk. …
  • Step 5: Mitigate Risk. …
  • Step 6: Monitor Risk.


Can you name the 5 steps to risk assessment?

Identify the hazards. Decide who might be harmed and how. Evaluate the risks and decide on control measures. Record your findings and implement them.

What are the steps in risk?

There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored.