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Risk management - What are the overall process steps?

What are the basic overall process steps?

When dealing with risks within a project there needs to be a plan of action or mechanism to manage its process.

The basic steps would be:

  1. Identify the stakeholders involved.
  2. Identify success criteria and how to measure them.
  3. Prepare a plan. The process will use an initial summary plan to get the process underway. This may be modified to a ‘reference plan’ and will end up as the base plan prior to project implementation. See comments on plan definitions [see types of plans].
  4. Identify risks
  5. Assess the risks (likelihood and impact)
  6. Agree responsibilities
  7. Carry out risk management planning
  8. Aggregate analysis
  9. Monitor and review. This is as part of the normal project management [see ‘The Complete Project Management package’] and [see 'The Complete Project Management plus PRINCE2'] process.