Identify the project, process, or system scope
Define risk management objectives
List possible risks
Categorize risks by type
Assess likelihood of each risk
Assess impact of each risk
Prioritize risks by severity
Assign risk owners
Define mitigation actions for each high-priority risk
Define contingency plans for unresolved risks
Set risk triggers and warning signs
Establish response timelines
Assign resources and responsibilities
Document risk acceptance criteria
Monitor risks regularly
Update the risk register
Review mitigation effectiveness
Escalate critical risks when needed
Communicate risk status to stakeholders