The main goal of the risk management process is to identify and manage risks in a timely manner to increase their positive and decrease their negative influences.
We understand that every project requires attention in terms of risk management. But projects with frequently changing requirements are even more challenging in this regard; risk evaluation and risk mitigation processes should be performed more frequently.
Preventive problem evaluation and elimination strategy development are the key activities in the risk management process. These actions help decrease time and efforts needed to eliminate negative effects, if a risk has still originated.
The risk management process consists of the following stages:
- Detection and identification;
- Analysis and prioritizing;
- Monitoring and supervising;
- Adjustment and correction;
- Evaluation and lessons learned.