The first step in the risk management process is to identify all the events that can negatively (risk) or positively (opportunity) affect the objectives of the project

Consist of qualitative assessment which analyses the level of criticality based on the event’s probability and impact and quantitative assessment which analyses the financial impact or benefit of the event.

In order to treat risks, an organisation must first identify their strategies for doing so by developing a treatment plan.

Risks and opportunities and their treatment plans need to be monitored and reported on.