Assessing and managing risks

Phase 1: Risk Identification

1. Identify Potential Risks

‍Gather input from all departments to list potential risks that could affect the organization.

Phase 2: Risk Analysis

2. Assess Likelihood and Impact

‍Determine the probability and potential impact of each identified risk.

3. Prioritize Risks

‍Prioritize risks based on their potential impact and likelihood to focus resources effectively.

Phase 3: Mitigation Strategy Development

4. Develop Mitigation Strategies

‍Create strategies for each high-priority risk to reduce their likelihood and/or impact.

5. Assign Risk Owners

‍Assign responsibilities for managing specific risks to appropriate personnel.

Phase 4: Implementation and Monitoring

6. Implement Strategies

‍Put mitigation strategies into action and integrate them into daily operations.

7. Monitor and Review

‍Regularly monitor the risks and the effectiveness of mitigation strategies, adjusting as necessary based on performance and environmental changes.