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All businesses face risk. Its important to understand those risks and find ways to minimise them. A risk management plan helps you to do this by detailing how you deal with risks to your business. It helps you provide a safe workplace and reduce the chances of negative impacts on your business.
Some examples of risk management strategies include leveraging existing frameworks and best practices, minimum viable product (MVP) development, contingency planning, root cause analysis and lessons learned, built-in buffers, risk-reward analysis, and third-party risk assessments.
Step 1: Identify the hazards/risky activities; Step 2: Decide who might be harmed and how; Step 3: Evaluate the risks and decide on precautions; Step 4: Record your findings in a Risk Assessment and management plan, and implement them; Step 5: Review your assessment and update if necessary.
The 4 essential steps of the Risk Management Process are: Identify the risk. Assess the risk. Treat the risk. Monitor and Report on the risk.
Programme-level risk management involves identifying, assessing, and mitigating risks that could impact many projects within a programme. Project-level risks are specific to individual projects. Programme-level risks often stem from broader organizational, environmental, or strategic factors.
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A risk management program is the formal process utilized to quantify, qualify, and mitigate specific concerns an organization may discover or define.
Risk Mitigation The efforts you take (or plan on taking) to control the risk being assessed should be included within your risk assessment matrix. This part of the project management risk process is referred to as mitigation.

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