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Risk management framework

Risk Identification

Identify potential risks related to the project or organization

Document each identified risk with a clear description

Categorize risks based on their nature (e.g., financial, operational, strategic)

Risk Assessment

Evaluate the probability of each identified risk occurring

Assess the potential impact or consequences of each risk

Determine the level of risk (high, medium, low) for each identified risk

Risk Prioritization

Prioritize risks based on their level of risk and potential impact

Assign a risk priority number (RPN) or score to each identified risk

Determine the order in which risks should be addressed or mitigated

Risk Mitigation

Identify potential strategies or actions to mitigate each identified risk

Develop a detailed plan for implementing risk mitigation strategies

Assign responsibilities and timelines for each mitigation action

Risk Monitoring and Control

Establish a system for monitoring and tracking identified risks

Regularly review and update risk status and mitigation progress

Implement necessary adjustments or changes to the risk management plan

Risk Communication

Develop a communication plan for sharing risk information with stakeholders

Clearly communicate the identified risks, their impacts, and mitigation strategies

Ensure that stakeholders are aware of the current risk status and any changes

Risk Reporting and Documentation

Document all risk-related information, including assessments and mitigation plans

Generate regular reports on risk management activities and progress

Maintain a central repository for risk documentation and make it easily accessible

Risk Review and Continuous Improvement

Conduct periodic reviews of the risk management framework effectiveness

Identify lessons learned and areas for improvement in the risk management process

Update the risk management framework based on feedback and new insights

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