Risk Management Procedures

Risk management procedures involve identifying potential problems that could negatively affect a project or organization, evaluating how likely they are and what impact they might have, and then developing strategies to address or minimize those risks. This process helps ensure that uncertainties are anticipated and managed proactively, reducing surprises and costs. It includes steps like assessing risks, planning responses, implementing controls, and monitoring for new risks, all aimed at safeguarding objectives and resources while enabling informed decision-making.