What are the five steps in the risk management process?
- Step 1: Identify the hazards. In order to identify hazards you need to understand the difference between a ‘hazard’ and ‘risk’. …
- Step 2: Decide who might be harmed and how. …
- Step 3: Evaluate the risks and decide on control measures. …
- Step 4: Record your findings. …
- Step 5: Review your assessment and update as and when necessary.
All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps.
Account DirectorUltima Risk Management, Reading, Berkshire
Lead Appraiser, Trainer and Consultant for CMMI and Quality Management. Excellence in Measurement Technology LtdThe University of Manchester Chester, United Kingdom
VP, Cyber Risk Engineering at Axio and current Board President at SIRA-Society of Information Risk AnalystsUniversity of Maryland University College Tampa/St. Petersburg, Florida Area
Senior Lecturer at University of Greenwich University of GreenwichLondon School of Economics and Political Science Rochester, United Kingdom