Risk identification: aims to generate a comprehensive list of risks based on those events that might create, enhance, prevent, degrade, accelerate or delay the achievement of objective
Risk analysis: involves consideration of the causes and sources of risk, their positive and negative consequences, and likelihood that consequences can occur
Risk evaluation: is the process of comparing the results of risk analysis with risk criteria to determine whether the risk and/or its magnitude is acceptable or tolerable
Risk assessment: includes the steps of risk identification, risk analysis and rink evaluation
Risk treatment: is the process to modify risk. It includes selecting and implementing measures to reduce risk and control and modify measures that have been taken