Risk Management Process

This Risk Process helps you:

• Identify critical and non-critical risks
• Document each risk in depth by completing Risk Forms
• Log all risks and notify management of their severity
• Take action to reduce the likelihood of risks occurring
• Reduce the impact on your business, should risk eventuate

This Risk Process is different, as it:

• Lists all of the risk procedures in depth
• Includes a diagram explaining the risk process
• Tells you how to identify, monitor and control risks
• Helps you mitigate risk through best practice processes

Most teams are subject to constant risk of meeting their objectives. The key to success lies in how you manage risks, by putting in place a clear Risk Management Process. This process describes the steps taken to mitigate risk as it occurs, helping you to meet your team goals more easily.

What is a Risk Process?

A Risk Process, or Risk Management Process, describes the steps you need to take to identify, monitor and control risk. Within the Risk Process, a risk is defined as any future event that may prevent you to meet your team goals. A Risk Process allows you to identify each risk, quantify the impact and take action now to prevent it from occurring and reduce the impact should it eventuate.

When do I use a Risk Process?

You use a Risk Process whenever your ability to meet your objectives is at risk. Most teams face risks on a regular basis. By putting in place this Risk Process, you can monitor and control risks, removing all uncertainty. The Risk Process involves running risk reviews to identify and quantify risks. The risks are then documented and the Risk Process helps you take action to reduce the likelihood of them occurring. This Risk Process will help you put in place the right processes for managing risk today.