Risk Management Process

The Risk Management Process

The AS/NZS ISO 31000:2009 identifies five main risk management processes that should be utilised within a chronological order and two main processes that should be continuous tasks. The two processes in Risk Management (RM) that should be concurrently performed include: Communication and consultation as well as Monitoring and review. Communication and consultation with external and internal stakeholders should take place during all stages of the RM process in order to ensure complications, solutions, and future plans are addressed at the earliest stages. Monitoring and review should take place concurrently with the other main stages of the RM process, to ensure that the project is developing how it is supposed to, and any problems are identified and resolved at the earliest point. The following Five RM processes should occur in chronological order and represent the main processes of RM (AS/NZS ISO 31000 2009, p. 14).