Risk management is an important aspect of managing a project in order to ensure that the project objectives are completed successfully and with the minimum of undesirable events. The task of managing risk is to ensure that the organisation makes effective use of a risk process that has a series of well defined steps.

Describe the steps that a project manager should include in the process of risk management.

Management of risk contains having processes in place to monitor risks, access to reliable and up-to-date information about risks, the right balance of control in place to deal with those risks, and decision making processes supported by a framework of risk analysis and evaluation. The steps that may be included in the process include:

Risk identification

Risk assessment/measurement/evaluation

Risk prioritisation

Risk management

Risk monitoring