What are the key steps to follow when using a risk assessment and management template?

1 Define the scope and objectives

The first step is to define the scope and objectives of your risk assessment and management process. This means clarifying what you are assessing, why you are assessing it, and what you hope to achieve. You should also define the criteria and standards that you will use to measure and evaluate the risks, such as likelihood, impact, severity, tolerance, and acceptability. You should also identify the stakeholders who are involved or affected by the risks, and their roles and responsibilities in the process.

3 Analyze the risks

The third step is to analyze the risks that you have identified, and estimate their likelihood and impact on your scope and objectives. You can use qualitative or quantitative methods, or a combination of both, depending on the availability and quality of data, the complexity and uncertainty of the risks, and the level of detail and accuracy that you need. You should also consider the interrelationships and dependencies among the risks, and how they could affect each other or create new risks. You should then rank the risks according to their priority, using a risk matrix or a scoring system.

5 Implement the responses

The fifth step is to implement the responses that you have planned, and monitor and control their progress and performance. You should follow the established procedures and protocols for executing the actions, allocating the resources, reporting the results, and communicating the information. You should also track and measure the effectiveness and efficiency of your responses, and compare them with the expected outcomes and benefits. You should also identify and address any issues, changes, or deviations that could arise during the implementation phase.

6 Review and update

The final step is to review and update your risk assessment and management process regularly, and incorporate any feedback, learning, or improvement that you have gained. You should evaluate the overall quality and value of your process, and identify the strengths, weaknesses, opportunities, and threats that you have encountered. You should also document and share the lessons learned, best practices, and recommendations that you have derived from your experience. You should also revise and adjust your risk assessment and management template as needed, to reflect the changes in your scope, objectives, environment, or stakeholders.