Consider consequences
Consider consequences.
Consider consequences.
Consider consequences.
The first step in composite risk management is risk assessment, which involves identifying and analyzing potential hazards and vulnerabilities within a specific context or operation. This step includes evaluating the likelihood of various risks occurring and their potential impacts, allowing for a comprehensive understanding of the risks involved. By effectively assessing these risks, organizations can prioritize them and develop appropriate strategies for mitigation.
The fifth step in risk management is risk monitoring and review. This involves continuously tracking identified risks, evaluating the effectiveness of risk responses, and adjusting strategies as necessary. Regular reviews help ensure that new risks are identified and that existing risks are managed effectively, allowing for proactive adjustments to the risk management plan as needed.
evaluating alternatives
Evaluating alternatives
Step 3 of 5 in composite risk management involves assessing the risks identified in the previous step to determine their potential impact and likelihood. This assessment helps prioritize risks based on their severity, allowing decision-makers to focus on the most pressing issues. By evaluating the effectiveness of existing controls, organizations can identify gaps and determine where additional measures are needed to mitigate risks effectively. This systematic evaluation is crucial for informed decision-making and resource allocation.
Read the passage
Evaluating alternatives
Read the passage
Evaluating alternatives