Risk Management

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

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.

Richard Stone

Account Director

Ultima Risk Management, Reading, Berkshire
Kieran Doyle

Kieran Doyle

Lead Appraiser, Trainer and Consultant for CMMI and Quality Management. Excellence in Measurement Technology Ltd

The University of Manchester Chester, United Kingdom
Lisa Young

Lisa Young

VP, Cyber Risk Engineering at Axio and current Board President at SIRA-Society of Information Risk Analysts

University of Maryland University College Tampa/St. Petersburg, Florida Area
Lorraine King

Lorraine King

BSI

Raju Chinthalapati

Raju Chinthalapati

Senior Lecturer at University of Greenwich University of Greenwich

London School of Economics and Political Science Rochester, United Kingdom