This requires analyzing and evaluating potential risks that could affect the organization. The level of risk is determined and its impact and probability of occurrence are assessed, with the aim of setting priorities and allocating resources effectively.

Based on the risk assessment, strategies and procedures are developed to mitigate the impact of potential risks. These strategies can include improving processes and practices, implementing safety and security procedures, and developing emergency plans and crisis preparedness

Potential risks are continuously monitored to detect any changes in the environment or conditions that may lead to the emergence of new risks. Risk assessment is updated and strategies and procedures modified when needed.

All risk-related information should be documented and updated regularly. Risk logs are kept to track changes and provide as evidence if investigation or reporting is needed.

Scenario analysis is performed to evaluate the potential impacts of risks and develop appropriate preparedness plans. This aims to prepare to deal with risks and reduce their impact on the organization.

If risks cannot be adequately mitigated, some risks can be transferred by means such as insurance or contracting with third parties to deal with the risks.

Effective risk communication with stakeholders is an important aspect of risk management. Stakeholders must be made aware of potential risks and actions taken to deal with them.