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The process of tracking identified risks, monitoring residual risks, identifying new risks, and executing risk response plans. In project management, this could involve regular status meetings to discuss and update the risk register.

A risk response strategy where the project team decides to acknowledge the risk but not take any action unless the risk occurs. For instance, a business may accept the low risk of a rare, but severe, weather event rather than invest in expensive preventative measures.

A quantitative risk analysis and management technique used to evaluate the overall risk by calculating the average outcome when the future includes scenarios that may or may not happen. A project manager may use it to calculate the EMV of two different project paths and choose the one with the higher expected value.

The process of developing options and actions to enhance opportunities and reduce threats to project objectives. An IT firm implements redundant systems to mitigate the risk of system downtime.

A document that contains the results of various risk management processes and is often displayed in a table or spreadsheet format. A project team's risk register would list all identified risks along with their severity, owner, and response plans.

The process of subjectively analyzing the effects of identified risks on overall project objectives. An example would be rating risks as 'high', 'medium', or 'low' based on the experience and judgment of the project team.

The process of developing options and determining actions to enhance opportunities and to reduce threats to the project's objectives. For example, a business may plan to provide additional training to staff to respond to the risk of skill gaps.

The process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives. For example, in a construction project, risk identification might highlight the potential for cost overruns due to increased raw material prices.

The process of comparing the level of risk against risk criteria to determine the significance of the risk. A company may evaluate the risk of entering a new market against its potential revenue and strategic goals.

The process of understanding the nature of identified risks and determining the level of risk. For example, after identifying a risk, a software development team assesses its potential impact on project timelines and costs.

The process of numerically analyzing the effects of identified risks on overall project objectives. It might involve conducting a Monte Carlo simulation to determine the impact of risks on project schedules or budgets.

A risk response strategy that involves reducing the likelihood and/or impact of a risk. Implementing a rigorous quality control system can reduce the risk of product failures.

A plan developed for an outcome other than in the expected plan, to be implemented if an identified risk event occurs. An event team may have a contingency plan for moving an outdoor event indoors in case of rain.

A risk response strategy aiming to eliminate the risk by eliminating the cause. A company might avoid the risk of legal issues by not engaging in a controversial line of business.