In your own words, summarising the risk management process and how businesses can use it. 

 

The Risk management process involves the following steps;

• Risk identification-This is the first step where the risk exposed to the business is identified. There re different types of risks which involve; market, environmental, legal and many other risks. This helps a business realize the type of risk affecting their firm.
• Risk analysis- the moment a risk is identified, there is need to analyze it. There risks with minor inconveniences and there are those with major inconvenience
• Risk evaluation and ranking- this is the prioritization of the risks which are later ranked. Every risk have its solution. Risks that result to catastrophic losses are always rated as the highest.
• Risk implementation-The experts connect with the risk depending from which field the risk belongs, the stakeholders come in and it is discussed for implementation.
• Risk monitorization- some risks are not eliminated, professionals keep a close eye on the factors affecting these risks, the management system monitors the whole risk framework. The risks are visible to everyone.