There are following activities involved in risk management process:
● Identification – Make note of all possible risks, which may occur in the project.
● Categorize – Categorize known risks into high, medium and low risk intensity as per their possible impact on the project.
● Manage – Analyze the probability of occurrence of risks at various phases. Make plan to avoid or face risks. Attempt to minimize their side-effects.
● Monitor – Closely monitor the potential risks and their early symptoms. Also monitor the effects of steps taken to mitigate or avoid them.