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Feb 20
Risk is identified and assessed through a systematic process that involves the following steps:
1. Identification of potential risks: This involves identifying all possible risks that could impact a project, organization, or individual. This can be done through brainstorming sessions, historical data analysis, expert judgment, and other methods.
2. Risk analysis: Once potential risks have been identified, they are analyzed to determine their likelihood of occurring and the potential impact they could have. This involves assessing the severity of the risk and the likelihood of it occurring.
3. Risk evaluation: Risks are then evaluated based on their potential impact and likelihood, and prioritized based on their level of risk. This helps to determine which risks need to be addressed first and which can be managed or accepted.
4. Risk treatment: Once risks have been identified, analyzed, and evaluated, appropriate risk treatment strategies are developed to mitigate, transfer, or accept the risks. This may involve implementing risk management plans, purchasing insurance, or making changes to processes or procedures.
5. Monitoring and review: Risk assessment is an ongoing process that requires regular monitoring and review to ensure that risks are being effectively managed and that new risks are identified and addressed as they arise. Regular reviews of risk assessments help to ensure that risk management strategies remain effective and up-to-date.
1. Identification of potential risks: This involves identifying all possible risks that could impact a project, organization, or individual. This can be done through brainstorming sessions, historical data analysis, expert judgment, and other methods.
2. Risk analysis: Once potential risks have been identified, they are analyzed to determine their likelihood of occurring and the potential impact they could have. This involves assessing the severity of the risk and the likelihood of it occurring.
3. Risk evaluation: Risks are then evaluated based on their potential impact and likelihood, and prioritized based on their level of risk. This helps to determine which risks need to be addressed first and which can be managed or accepted.
4. Risk treatment: Once risks have been identified, analyzed, and evaluated, appropriate risk treatment strategies are developed to mitigate, transfer, or accept the risks. This may involve implementing risk management plans, purchasing insurance, or making changes to processes or procedures.
5. Monitoring and review: Risk assessment is an ongoing process that requires regular monitoring and review to ensure that risks are being effectively managed and that new risks are identified and addressed as they arise. Regular reviews of risk assessments help to ensure that risk management strategies remain effective and up-to-date.
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