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SUCCESSFUL RISK MANAGEMENT. Risk management is one of the key roles a team or a project manager carries out on their daily basis. In the risk management process there are five core principles that will help you run your risk management thus having a positive outcome. Risk is always uncertain and when it occurs it can either cause positive or negative results. Your project and either be affected positively or negatively by a project. This is because it is natural to fall into a trap thinking that risk only have negative effects. If you are open to the risks that create positive opportunities you can be able to streamline your project and they will be smarter and more profitable. The risk management process follows five steps. The steps are always the same but the jargons used to describe them may be different. When the five steps are combined they come up with a simple and effective risk management process. The five steps as are as follows. identification is the first step towards an effective risk management. As the project manager you should be able to uncover, recognize, and describe all the risks that might affect the outcome of your project. As the project manager there are a few steps that you should use so that you can identify project risks. At this point you start by preparing your project risk manager. The second step you should follow for you to come up with an effective risk management is analyzing. Once you have identified the risk, then you should analyze the likelihood and the consequences of all the risks. You should be able to understand the nature of the risk and the effect it can hove on your project. This information should not be left behind in your project risk register. Ranking and evaluating is the third step towards a successful risk management process. These comes after you have identified and evaluated the risk and this will help you determine the risk magnitude and the likelihood of the consequences. At this point you should make a decision on whether the risk is acceptable or it is serious enough to issue a warranty. Also this should be included in your project risk register. Treat is the fourth step towards a successful risk management process. Treat is also known as risk response planning. This step should help you identify the highest ranked risk and you are able to come up with a plan on how to treat the risk and this should also be included in the register. Monitoring and reviewing is the fifth step.

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