RSKM.SG 1 Prepare for Risk Management

Prepare for risk management by establishing and maintaining a strategy for identifying, analyzing, and mitigating risks. Typically, this strategy is documented in a risk management plan. The risk management strategy addresses specific actions and the management approach used to apply and control the risk management program. The strategy typically includes identifying sources of risk, the scheme used to categorize risks, and parameters used to evaluate, bound, and control risks for effective handling.