Steps in the Risk Management process

By Ankit Arora, PGDRM Batch Jan’20-21

In business, risk management is defined as the process of identifying, monitoring, and managing potential risks to minimize the negative impact they may have on the organization.

Examples of potential risks include security breaches, data loss, cyberattacks, system crashes, and natural disasters. An effective risk management process will help determine which risks pose the greatest threat to the organization and provide guidance for dealing with these risks.

The 3 steps of the risk management process:

1. Risk assessment and analysis
2. Risk assessment
3. Risk mitigation and response

A. Risk assessment and analysis

The first step of the risk management process is called phase risk assessment and analysis. Risk assessment assesses the risk of an organization facing uncertain events that can affect……

Continue reading here