Process of Risk Management

According to ISO standard 31000 (family of standards relating to risk management codified by the International Organization for Standardization) the process of risk management consist of several steps including the following:

• Identification of risk in a selected domain of interest

• Planning the remainder of the process

• Mapping out the social scope of risk management, the identity and objectives of stakeholders, and the basis upon which risks will be evaluated (i.e. constraints)

• Defining a framework for the activity and an agenda for identification

• Developing an analysis of risks involved in the process

• Mitigation or solution of risks using available technological, human and organizational resources

 

 

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