Question: 1 . Identify Risks o Define the scope of the risk management process o Identify potential risks and hazards o Document risks in a risk

1. Identify Risks
o Define the scope of the risk management process
o Identify potential risks and hazards
o Document risks in a risk register
2. Analyze Risks
o Evaluate the likelihood and impact of each risk
o Determine the risk level (low, medium, high)
o Prioritize risks based on their level
3. Evaluate Risks
o Compare the risk level with the organization's risk appetite
o Decide whether to accept, avoid, transfer, or mitigate the risk
o Document the decision in the risk register
4. Treat Risks
o Implement risk mitigation strategies
o Monitor and review the effectiveness of the strategies
o Update the risk register with the results
5. Monitor and Review Risks
o Continuously monitor risks and their impact
o Review the risk register regularly
o Update the risk register with any changes or new risks
updated procedure for the above

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