Risk Management Process

Hey everyone, today let's talk about Risk Management Process. Risk management includes the processes concerned with identifying, analysing and responding to risk factors throughout the life of the project in an organisation. They are not only one-time event at the start of the Project, it is an on-going activity throughout the life of the any project.

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The objective of Risk Management is to identify and address the potential impact of risks before they become threats to success or major sources of rework.

The following are the objectives of the Risk Management process:-

To identify and prioritise potential risks
To develop risk management strategies and risk management plans
To establish risk management methods, tools and techniques to assist in the analysis and reporting of identified risk events
To identify ways to identify and evaluate risks
To develop and implement mitigation plans/actions against the identified risks

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Risk Management Process

The following are the objectives of the Risk Management process:-

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