What is Risk Management?

In the article what is risk based testing we have already understood what a risk is. Now, we will focus on activities to manage the risk.

The process of identifying the risk (Product risk or Project risk), analyzing the risk and then mitigating the risk or controlling the risk is known as Risk Management.
So, you can say that: Risk management includes three main activities.

1. Risk Identification

Risk identification is the first step in risk management. We need to identify both project and product risk by using certain techniques. Some of the most common techniques which can be applied to identify different risks are using risk templates, interviewing the stakeholders, project retrospectives etc.

2. Risk Analysis

Risk analysis is the next step of risk management. In risk analysis you study the risks identified is the identification phase and assign the level of risk to each item. You first need to categorize the risks and then need to determine the level of risk by specifying likelihood and impact of the risk.

3. Risk Mitigation or Risk Control

The third step in the risk management is risk mitigation or risk control. After assessing the risk in your project you must control them. You can use options like mitigation, contingency to control the risks.