•Step 1: Be aware,
identify the risks you face.
•Step 2: Evaluate:
–the likelihood that the risk will occur, and
–how bad the hurt will be if it does occur
•Step 3: Decide on how
you will address the risk
–reduce, transfer, avoid, nothing, or some
combination
•Step 4: Implement
–What is the most frustrating words used in
management?? Answer: “If I had
only ……”
•Step 5: Control
–Monitor to assure that what you said you would do, you
did, and that you are getting
what you want out of your your risk management
strategies.