The procedure used to oversee risk is known as the Risk Management Process. This procedure has six stages which on the off chance that you implant them in every one of your undertakings they ought to run a great deal more easily than something else. Here are the 6 stages of the procedure:
Step 1: Identify Risks: with a specific end goal to handle risk we should first recognize them. There are various methods for doing this including conceptualizing and the Delphi technique.
Step 2: Assign Owner: you have to make somebody in the group in charge of taking care of the every thing distinguished. Possession guarantee that someone must be stressed over a specific hazard.
Step 3: Evaluate: here we look at the hazard to comprehend the probability of the hazard emerging alongside the extent of the effect the hazard will have on our venture in the event that it materializes.
Step 4: Plan Mitigation: here we work out how will manage each of the risk we’ve recognized. Normal methods for taking care of risk incorporate exchanging the hazard or treating the hazard. A case of hazard transference may be to take out a protection approach. Along these lines the hazard is exchanged from you to the back up plan.
Step 5: Implement Actions: here we execute the activities we arranged in step 4. So if in our illustration we chose to take out a protection arrangement, in this progression we would get cites and really take out the protection.
Step 6: Monitor: each hazard and activity should be frequently observed. Business situations and risk are continually changing, so this progression permits us to represent this.