When the risk management team determines how high their risk is on a project, they will follow the guidelines below:
1. Identify what the problem or problems are or what can happen.
2. Identify who may be harmed or what the impact on the project progress could be.
3. Determine how many risks may arise if the problem occurs.
4. Decide what control measures need to be in place to prevent or solve the problem.
5. Determine if any risks remain.
6. Document all the findings from the risk assessment.
7. Create contingency plans in case the first or second plan does not work.
8. Review and revise everything above as needed throughout the entire project
Top-Notch risk management strategy
The company management has risk management strategies those will be implemented in the risk management process. Risk management process has various risk treatment strategies such as-
Avoid the risk
Mitigate the risk
Transfer the risk
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