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What are the steps to IT risk management?

Kevin Sutter

in Student Loans

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Victoria Fowler on April 11, 2018

The Standard 5-steps to project risk management consists of the following steps: 1. Risk Management Plan - This is the first step. Here is where we plan and strategize on how to manage all the risks in our project. Here is where the Risk Management Plan created. We define what is a risk and to make sure that everyone is on the same page. 2. The Collection of information And Identification of Risks - here is where we gather all the relevant information that will allow us to identify all possible risks that might affect our project or its results. 3. The risk Assessment And Analysis - This is the step where we analyze all the risks identified in the previous step. We will shortlist only those important (high impact/probability) risk, and move the lower priority/likelihood of risks to a watch list. 4. Risk Response Planning - This is the step that all those risks that were identified and analyzed are actually addressed. We work in the reduction of the probability of the negative risks as well as the improvement of the opportunities. We create solution plans, risk mitigation strategies, contingency plans, etc in this step. 5. Execution Plan - This is the step where we implement the Risk Response Plan, monitor all identified risks, look out for new risks, check the listing inspection to make sure that your priority/probability/impact has not changed, etc

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