Steps in Risk Mitigation Process

  1. Allocation of responsibilities for managing the risk.
  2. Identifying resources required to mitigate the risk.
  3. Develop action plans including resource budget and timescale.
  4. Obtain management approval for risk mitigation plan.
  5. Obtain shareholder acceptance and coordinated effort for the risk mitigation plan.
  6. Outlining the risk reporting requirements for engaging risk requirement.
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