Risk Management Review

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Step 1: Collect Data & Information
To be most effective, risk management requires that we collect useful data and information in a systematic manner. There is no way to overstate the critical, ongoing importance of this phase.
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Step 2: Analyze & Assess Risk
After collecting data and information, the next step is to Analyze & Assess Risk. Analysis is done at all levels of the organization. This analysis helps the organization set local and national priorities.
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Step 3: Prescribe Action
After you have collected the necessary data and the risk analysis is complete, action may be needed to reduce risk and to improve results. Prescribing action involves identifying the cause of the risk, determining the likelihood of its occurrence, and selecting and implementing an appropriate response.
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Step 4: Track & Report
After you have implemented a prescribed action, results must be tracked and documented. This process ensures that successes can be repeated and that personal knowledge becomes shared knowledge. Risk is never absolutely known and changes with time. Therefore, results and experiences must be continuously fed back into the process to increase knowledge and better predict future risk.
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