Suggested Steps for Managing Risks using RiskLite

Available guide as PDF: Download

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