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Risk Management Processes
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Flashcards
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Establish Context
Defining the basic parameters within which risks must be managed and setting the scope for the rest of the risk management process.
Risk Identification
The process of finding, recognizing, and describing risks that could potentially affect the achievement of objectives.
Risk Analysis
Understanding the nature of the risk and its characteristics, including its likelihood and potential impact.
Risk Evaluation
Comparing the level of risk found during the analysis process with previously established risk criteria.
Risk Treatment
Selecting one or more options for modifying risks and implementing those actions.
Monitoring and Review
Ongoing process of tracking identified risks, monitoring residual risks, and identifying new risks, as part of the risk control and feedback mechanism.
Communication and Consultation
The process of interacting with stakeholders to share information about risk management and to understand their perspectives and concerns.
Risk Appetite Defining
Establishing the amount and type of risk that an organization is willing to pursue or retain.
Risk Categorization
The process of grouping risks into different categories or classes to simplify further risk management processes.
Setting Risk Priorities
Determining the order of importance for managing different risks, based on their potential impact and likelihood.
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