This is the third step in our risk management process.
We need to look at our risk register (or risk log) and think about each risk in turn.
Firstly, we consider the causes of the risk. We assess the likelihood of the risk. Keeping things simple, we can use three grades: High, Medium and Low. Low means the risk event is very unlikely to occur.
Secondly, we consider the consequences of the risk. We assess the impact of the risk. Keeping things simple once again, we can use three grades: High, Medium and Low. High means the risk event would have a major impact on our objectives.
After Risk Analysis the next step in our risk management process is Risk Prioritization.
