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What is Risk Management?
The Process
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Step 1
Step 2
Step 3
Step 4
Step 5
Purpose
What to do and how to do it?
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Step 6
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Photo - Arctic FoxPurpose

In Step 4 the risks were evaluated and ranked, and a dialogue about the acceptability of the risks was held with the principal people or groups that may be affected or involved. For unacceptable risks, some consideration was given to potential risk controls or adaptation measures being introduced in order to bring risks down to acceptable levels. In this step:

  • Feasible adaptation measures or risk control strategies are identified for reducing risks to acceptable levels.
  • The effectiveness of the adaptation measures or risk control strategies will be evaluated, including the costs, benefits and risks associated with the proposed adaptation measures.
  • The best adaptation or risk control strategies will be selected and consideration will be given to the acceptability of residual risks.

See Volume 2: Workbook & Case Studies (below) for examples of how to complete Step 5.



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