Risk Identification:

• Brainstorming & Research: Identify potential risks from internal and external sources.
• Historical Data: Analyze past incidents and industry trends.
• Stakeholder Input: Gather insights from employees, partners, and experts.

Risk Assessment:

• Likelihood: Evaluate how likely it is that each risk might occur.
• Impact: Determine the potential consequences or losses if the risk materializes.
• Risk Matrix: Use a risk matrix to prioritize risks based on their likelihood and

Risk Evaluation:

• Quantitative Analysis: Apply numerical values to risk factors where possible.
• Qualitative Analysis: Use expert judgment and experience to assess risks that are difficult to quantify.