Under Control: Governance Across the Enterprise

4.4. Risk Management Process: Key Phases

Now that you've taken a bird's-eye look at risk, let's translate it into something more down to earth by looking at the activities that constitute the overall risk management process.

Risk management consists of a series of interrelated phases, as depicted in Figure 4-2. Think of this as a continuous feedback loop that is in constant operation and adjustment mode. The figure illustrates the major phases of risk management, but note that Monitor Risks is an ongoing, continuous process that can reinitiate any previous phase. An emerging risk discovered during the monitoring process may cause a reassessment of the risk, followed by a reprioritization, and so on. But it may also result in a modification of ...