An example risk management process:
- Risk identification: list potential risks Estimation risks, organisation risks, people risks, requirements risks, technology risks, tools risks.
- Risk analysis: prioritised list of risks
- Probability of risk: qualitative label assessing the likeliness of something happening; insignificant, low, moderate, high, very high.
- Effect of risk: qualitative label assessing impact; insignificant, tolerable, serious, catastrophic.
- Risk planning: risk avoidance & contingency plans
- Risk acceptance: no action.
- Risk prevention: upfront action to stop risk arising.
- Risk reduction: upfront action to reduce probability / impact of risk.
- Risk transfer: transfer risk to someone else.
- Contingency planning: no upfront action, plan response in case risk arises.
- Risk monitoring: risk assessment