This document discusses risk management and outlines the key steps in the risk management process. It identifies risk identification, assessment, action management, and reporting and monitoring as the core components of a systematic approach to proactively address risks in a cost effective manner while considering various program constraints.

3. An Undesirable Situation

4. That has some probability

6. An iterative process to identify, assess, reduce, accept, and control risks in
a systematic, proactive, comprehensive and cost effective manner, taking
into account the business, costs, technical, quality and schedule
programmatic constraints.”
“

16. Risk
Management
Process
Risk
Identification
Risk
Assessment
Risk
Action
Mgt
Risk
Reporting &
Monitoring