IMPLEMENTING RISK MANAGEMENT

The project also created three electronic tools to help the guide be implemented
successfully in addition to the report:

Users can work through the entire risk management process with the help of the fast
renewal risk management planning template.

• To help show users how to utilize the rapid renewal risk management template, the
hypothetical project uses sample data from the risk management planning template.

• Users of the quick renewal risk management template will receive additional
instructions in the user's guide for risk management planning template.

Specific actions whose purpose is to reduce particular individual risks, focusing on

the higher priority risks.
Management of contingency to cover most of the residual risks and other uncertainties
Recovery if established contingency is inadequate (I.e,. to cover the rest of residual
risks and other uncertainties).

PROCESS OF IMPLEMENTING THE RISK MANAGEMENT

•Organizationally committing to the plan

•Assigning responsibility
•Providing adequate authority
•Gathering & distributing information

The services provided, marketing, communication, staffing and human resource

concerns, information and resource management, regulatory obligations, IT issues and
security, succession planning, acceptance and retention of clients, and cash flow
management should all be taken into account when creating the firm's risk
management framework.

How should you select and implement treatments for a risk?

 Identify the Best Treatments
1. Avoid the risk.
2. Eliminate the risk.
3. Reduce the likelihood of occurrence.
4. Reduce the consequences.
5. Share or transfer the risk (e.g., contracts, buying insurance)
6. Implement a combination of options.
7. Discontinue the activity that presents the risk.
8. Accept the risk by informed decision.

Simply ensure the risk treatment method can be implemented with adequate
resources, then establish a timetable, assign tasks, and track progress.