Risk management process
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The document outlines the risk management process, detailing phases such as context definition, risk identification, risk assessment, and risk control. It emphasizes the importance of recognizing potential risks, planning resources, and effective communication throughout the process. Key steps include identifying objectives, analyzing stakeholder positions, and documenting risk management activities thoroughly.
Risk management process
- 1. Risk Management Process -by edu CBA
- 2. • context definition • risk identification • risk assessment • risk control • communication • planning • checking and supervision • process review Phases of Risk Management Process
- 3. • The first and the foremost thing is identifying the areas of risk. Risks may arise due to specific combination of market, product or service, manufacturing or distribution process as well as other external factors. • Next thing is to identify and define an assessment activity schedule. • Based on that it becomes necessary to organize resources, and also defining duties and responsibilities. Context definition
- 4. • In this next phase of Risk Identification Process, it is important to identify the potential risks and then give their detailed description. Hence all possible sources of risk such as, the positions of the stakeholders, market changes, manufacturing errors or work accidents should be thoroughly analyzed. • The process of identifying potential risks must include: Objectives that the organization has set. Scenarios that the organization may face in carrying out its business. Procedures that the organization adopts for its management and operational purposes. Risk Identification
- 6. Risk Control In this phase of risk management process the decision making process becomes particularly important. It includes one or more of the following conditions: • Transfer of the risk • Exclusion of the risk • Reduction of the risk • Acceptance of the risk or an amount of the risk
- 7. Communication of risk is another important step in the risk management process. In this step the following things must be properly documented in detail in a Risk Management Report: • The profile • The matrix • The risk treatment • The control planning
- 8. Planning The Planning step defines the risk control methods, that is: • Interpretation, sending or storing of incoming data for the control process. • Appropriate level and localization for the decisions and actions the operative procedures and/or practice. • Control instruments • Interpretation, sending or storing of output data from the control process.
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