Phase 3 – Risk management
Every day counts
In most cases, only a limited amount of time and resources are available for risk management. As such, attempts may only be made to identify the most significant risks and implement the corresponding measures.
Immediate measures offer fast solutions
In this context, it is essential to address the most significant risks first (shown in the red range of the risk matrix) - and in the fastest possible manner. Usually the first step involves emergency measures. More time should then be devoted to these risks and their containment so as to ensure their sustainable reduction to the desired level.
Effective measures implemented first
Risk-managing measures' implementation order should be proportionate to those measures' effectiveness. Ideally each measure will have its effectiveness assessed and, at the same, have responsibility for it assigned and a date set for its implementation.