What is the third step in the Risk Management process?

In the Risk Management process, the third step involves developing controls and making risk decisions. This step is crucial because, after identifying hazards and assessing the associated risks, it is necessary to implement measures that can mitigate those risks effectively. This may involve designing and putting in place specific controls, policies, or procedures that can alleviate or eliminate the risks identified in the previous stages.

At this point in the risk management process, the focus shifts from understanding the risks to taking concrete actions to manage those risks. This can include deciding on the level of risk tolerance and what actions to take based on the assessed hazards. By developing controls and making informed decisions about risk management, organizations can better protect their assets, personnel, and operations from potential negative impacts.