What is a Risk Management Process?
The concept behind a risk management process is extremely simple. It is the process of anticipating and analyzing risks and coming up with effective and efficient ways of managing as well as eradicating them. Here are the different steps that are involved in this process: • Risk Identification: The first step involves identifying risks. Certain risks could be quite obvious whereas a few others may need a certain amount of anticipation. There could be various types of risks such as: • business risks • financial risks • commercial market-related risks • technology risks • short term risks, long terms risks • personal risks, etc. Try doing a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis; it will give you systematic results which will prove beneficial in risk identification. Identifying and anticipating risks is extremely important as it sets the stage for all further action and steps as part of the risk management plan. • Risk Analysis: This is the next step as part of
The concept behind a risk management process is extremely simple. It is the process of anticipating and analyzing risks and coming up with effective and efficient ways of managing as well as eradicating them. Here are the different steps that are involved in this process: • Risk Identification: The first step involves identifying risks. Certain risks could be quite obvious whereas a few others may need a certain amount of anticipation. There could be various types of risks such as: • business risks • financial risks • commercial market-related risks • technology risks • short term risks, long terms risks • personal risks, etc. Try doing a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis; it will give you systematic results which will prove beneficial in risk identification. Identifying and anticipating risks is extremely important as it sets the stage for all further action and steps as part of the risk management plan. • Risk Analysis: This is the next step as part of
