This document outlines the key steps in a risk management process: identify risks that could impact a project, assign values to the risks based on their impact, probability and severity to prioritize them, develop strategies to mitigate, transfer or avoid the highest priority risks, determine who will be responsible for managing each risk, and actively manage the risks throughout the duration of the project.

1. Risk management process
Identify risks
Assign impact/
probability/ severness
Prioritize risk
(risk ranking/ tolerance)
Develop strategies
(mitigate, transfer, …)
Determine who’s responsible
for the risk
Manage your risk
during the project !
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