Identifying risks includes a risk register, risk report, and project documents updates.
There are five core steps within the risk identification and management process. These steps include risk identification, risk analysis, risk evaluation, risk treatment, and risk monitoring.
At a minimum, each risk filed into a risk register should contain a description of the risk, the impact to the business if the risk should occur (e.g. costs), the probability of its occurrence, the risk owner(s), how it ranks overall relative to all other risks, and the risk response.
The risk register is a list of identified risks and potential responses and owners for each risk. The risk report documents the sources of project risk overall and provides summary information on individual project risks.
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