1. Risk Identification – the Risk Manager conducts risk identification meetings and uses the Risk Identification report and questionnaire to assist with initial identification of risks.

2. Risk Analysis – this involves categorizing risks, impact analysis, risk reviews, risk acceptance and updating the Risk Log.

3. Risk Response Planning – next plan mitigation activities, contingency activities, and review the risk action plans.

4. Risk Plan Implementation – once these are established, monitor trigger events, execute the action plan, and update the Risk Log.

5. Risk Tracking, Monitoring & Control – this stages concerns how the risk is progressing, as well as mitigation/contingency strategies that have been executed. When changes to the risk occur, repeat the cycle of identify, analyze, and plan.