The risk management process is the series of steps that enable initial and continual review of risk, and help to ensure that the business is on-track for meeting its objectives.
The risk management process helps to put in place and review the risk management plan.
The elements of the risk management process are:
Communicate and consult
Key to the success of the risk management process is communication and consultation with key staff. Staff members will assist in the identification process, as well as treating and monitoring the risks. They will have a part in putting together the risk management plan, and can be assigned to oversee certain risks that may impact on their area of the business.
Wide consultation will help ensure that most risks are identified, helping to lessen the potential of things going wrong.