Step 1 – Initial Consultation

Understand your organization’s objectives, risk environment, and risk management requirements.

Step 2 – Current-State Assessment

Review existing risk management processes and identify gaps and improvement opportunities.

Step 3 – Risk Identification

Identify risks that may affect strategic, operational, financial, compliance, and other organizational objectives.

Step 4 – Risk Analysis

Analyze identified risks according to established criteria and determine their potential impact.

Step 5 – Risk Evaluation

Prioritize risks and determine which risks require treatment or additional controls.

Step 6 – Risk Treatment

Develop and implement appropriate measures to avoid, reduce, share, transfer, or accept risks.

Step 7 – Documentation

Develop risk management policies, procedures, risk registers, assessment criteria, treatment plans, and supporting records.

Step 8 – Employee Training

Train relevant employees on risk management principles, processes, and responsibilities.

Step 9 – Monitoring and Review

Monitor risks and controls, evaluate effectiveness, and update risk assessments when necessary.

Step 10 – Continual Improvement

Review risk management performance and continually improve the organization’s risk management framework and processes.