In the first step of the risk management process, you do the threat identification.
The risk management process is an ongoing process to identify, treat and manage risks. It is a framework that contains actions against the risks in the project. It has five basic steps to manage the risks in the project. These five steps are referred risk management process.
The five basics steps of the risk management process are given below:
- Identify Risk: It is the first process of the risk management process to identify the potential risk or threat that may arise during the project development or implementation.
- Analyze Risk: It is the second process of the risk management process, which analyzes the severity of the risk. The low, moderate, and high severity of the risks were identified.
- Prioritize Risk: in this step, the risks are prioritized according to their consequences on the project.
- Treat Risk: at this step, you need to give solutions to the risk that you have identified, analyzed, and prioritized.
- Monitor the Risks: this step always monitors the new and identified risks. It is an ongoing process. If any things get changed in the project, the risk severity is also changed. Monitoring the risk is important in a project.
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