This week, we will focus on the Identify Risks process using the Titan Submersible Implosion from June $18$th$,2023$ as an example.$$ In retrospect: determine a risk, it$$s root cause, it$$s level of impact, the risk response and who should action that response.

There are four types of risk response:$$ mitigate, transfer, avoid and accept.

Also consider testing, redundancy, use of outsider assessments $(3$rd Party Opinion$),$ etc. as mitigations.

Note, there is also the concept of $$residual risk$($risk that remains, after other risk responses have been applied$).$