Steps in the Composite Risk Management process?

Answer 1

The five step composite risk management process is used by the army to make decisions to try to balance risk costs with mission benefits. The five steps are: identify hazards, assess hazards to determine risks, develop controls and make risk decisions, implement controls, and supervise and evaluate.

Answer 2

Risk Management includes the following Processes:

1. Plan Risk Management – Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed.
2. Identify Risks – The Identify Risk Process is the process where we actually identify all those uncertain events that might affect our project or its outcome.
3. Perform Qualitative Risk Analysis – This is the process where we assess the Probability of the Risk event occurring and the Impact of the same. At the end of this process we will have a prioritized list of risks that we need to analyze further.
4. Perform Quantitative Risk Analysis – This is the process where we take the prioritized list of risks and apply mathematical analysis on them.
5. Plan Risk Responses – This is the process where we will be deciding how we are going to handle the risks identified & analyzed in the previous processes if they occur.
6. Monitor & Control Risks – This is the process where we monitor the identified risks and identify & respond to new risks as they appear.