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Step 1 – Establish context for you risk management
Create and name your Risk Register
Describe your business/project/investment
List you Goals
Add you Collaborators
Step 2 – Risk Assessment
Add Risks that may impact your Goals
Name and Describe the risks
Agree on Risk Owner
Analyze and evaluate:
Assess if the risk is a Threat (downside), an Opportunity (upside) or both
Assess what Impact Type the risk may have (HSE, cost, revenue, etc.)
Estimate Impact (low, medium, high)
Estimate Likelihood (low, medium, high) of the risk to occur
Step 3 – Risk Response
Add Actions to manage the risk
Name and Describe the actions
Action Owner
Due date
Step 4 – Communicate, Monitor and Review
Communicate you risks and actions
Monitor Risks and Actions Due Dates
Review, update and restart from Step 1
