What Are the Key Steps?
Like any other complex activity, the risk management process contains a number of key steps. The four main steps are as follows:
1. Identify risks
2. Measure and assess risks
3. Manage risks
4. Monitor risks
By taking the process step by step, you can begin identifying and reducing expected and unexpected losses in your business. This chapter serves as an introductory overview of these steps, with further discussion on implementing them to come.
The risk management process involves four actions: identify, measure/assess, manage, monitor.
The risk management process also involves a number of other factors, including: ...