Steps of Risk Management Process Last Updated : 21 Dec, 2023 Comments Improve Suggest changes Like Article Like Report Risk Management is an important part of project planning activities. It involves identifying and estimating the probability of risks with their order of impact on the project. Risk Management Steps: Some steps need to be followed to reduce risk. These steps are as follows: 1. Risk Identification: Risk identification involves brainstorming activities. It also involves the preparation of a risk list. Brainstorming is a group discussion technique where all the stakeholders meet together. This technique produces new ideas and promotes creative thinking. Preparation of a risk list involves the identification of risks that are occurring continuously in previous software projects. 2. Risk Analysis and Prioritization: It is a process that consists of the following steps: Identifying the problems causing risk in projectsIdentifying the probability of occurrence of the problemIdentifying the impact of the problemAssigning values to step 2 and step 3 in the range of 1 to 10Calculate the risk exposure factor which is the product of values of Step 2 and Step 3Prepare a table consisting of all the values and order risk based on risk exposure factorFor example, TABLE (Required) Risk NoProblemProbability of occurrence of problemImpact of problemRisk exposurePriorityR1Issue of incorrect password22410R2Testing reveals a lot of defects1997R3The design is not robust271453. Risk Avoidance and Mitigation: The purpose of this technique is to eliminate the occurrence of risks. so the method to avoid risks is to reduce the scope of projects by removing non-essential requirements. 4. Risk Monitoring: In this technique, the risk is monitored continuously by reevaluating the risks, the impact of risk, and the probability of occurrence of the risk. This ensures that: Risk has been reducedNew risks are discoveredThe impact and magnitude of risk are measured Comment More infoAdvertise with us Next Article Steps of Risk Management Process P PLACEMENT__CHAHIYE Follow Improve Article Tags : Software Engineering Similar Reads Stages of Defect Management Process Defect Management Process (DMP) is basically defined as a process where identification and resolution of defect take place. Software development is not an easy process. It is very complex process so constant occurring of defects is normal. DMP usually takes place at stage of testing products. It is 3 min read Release Management process In this article, we will know Release Management and the top 6 best practices for a successful release. Let's discuss it one by one. Scenario :Let’s check this fictional example of company AAA who suffered utter failure after production deployment. The software had passed its development and testing 4 min read Phases of Project Management Process Project management involves several key phases that guide the project from initiation to completion, ensuring that objectives are met efficiently and effectively. It's like having a step-by-step guide to follow, ensuring you stay on track and reach your goals smoothly. These phases typically include 7 min read Requirement Management Process Pre-requisites: Software Engineering - Requirements Engineering ProcessThe Requirement Management Process is the process of managing changing requirements during the requirements engineering process and system development, where the new requirements emerge as a system is being developed and after it 4 min read Understanding Test Management Process Prerequisite: Software Testing As like design and development, software testing is also one important part of SDLC (Software Development Life Cycle). During the testing phase of software development, testing activities are managed well to complete the testing process smoothly and on time as well. Te 2 min read Like