4-Step Risk

Management
Process
Identify
1
Gather your team to identify
potential risks using brainstorming
and then assess their likelihood and
potential impact. This helps in
understanding which issues could
affect your project.

2
Prioritize

Decide which risks are most

critical by considering how likely
they are to happen and how
much damage they could cause.
This allows you to focus
resources where they are
needed most.

3 Mitigate
Develop clear strategies to
manage or reduce the most
serious risks. This may involve
planning how to avoid these risks
or what to do if they occur.

4
Monitor and
Communicate
Keep an eye on the risks and how
well your strategies are working,
adjusting as needed. Regularly
update your team and
stakeholders on risk status to
ensure everyone is informed and
prepared.
STEP-BY-STEP
RISK
MANAGEMENT
METHOD

IDENTIFY
Recognize potential risks
1 that could affect
operations, projects, or
objectives.

ASSESS
Evaluate the identified risks

2 to understand their
potential impact and the
likelihood of their
occurrence.

MITIGATE
Develop strategies to

3 manage the prioritized

risks by reducing either
their likelihood or their
impact.

MONITOR AND REVIEW

Ensure that the risk

4 management strategies are

effective and adapt to any
changes in the operational
environment.