The logical sequence of effective risk management is:
1. Identify Risks – Determine the risks facing the organization.
2. Assess Risks – Analyze the likelihood and impact to prioritize risks.
3. Select Risk Responses – Determine appropriate actions (avoid, reduce, transfer, accept).
4. Allocate Resources – Assign resources based on risk assessment to manage risks effectively.
Therefore, after identifying risks, the next step is to assess them, considering factors such as:
-Likelihood of occurrence.
-Impact on organizational objectives.
-Risk velocity, sensitivity, or other relevant criteria.
This assessment enables the organization to properly prioritize risks, ensuring resources target the most significant exposures.
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abdullah01
Highly Voted 1 year, 3 months agoKozy
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