Fourth step
In step 4 of the risk management process comes Risk monitoring, Monitoring the status of risks, monitoring the effectiveness of mitigation plans implemented, and consulting with key stakeholders are all parts of the risk monitoring step. Risk monitoring should happen throughout the risk management process.
The risk management process is a outline for the actions that need to be taken. There are Five basic steps which are referred to as the RISK MANAGEMENT PROCESS.
All the five steps of this process are as follow;
Step 1: Risk identification
Step 2: Risk assessment
Step 3: Risk mitigation
Step 4: Risk monitoring
Step 5: Risk reporting
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