Risk Management

by Peter Parkes

The process of risk management

Once you have decided to do something, the process of risk management has five logical basic steps.

You get added value from completing each step of the process, but you will have obtained value from completing even the first stage – deciding to do something – or simply understanding the principles of risk management.

As risk management is so fundamental to the running of a business, you may find that you have an internal risk management function, a corporate risk management process, and even special risk management software within your organisation. Whatever your organisation has in place, it will be built on the basic steps of the risk management process.