1-15.1 Risk Management Process Risk management comprises five steps: Identification — search for and locate risks. Analysis — transform risk data into decision-making information. Response planning — translate risk information into executable plans and actions. Tracking and control — monitor risk indicators and take corrective actions. Reaction — implement risk actions in response to actual risk occurrence. Analysis, response planning, and tracking are performed iteratively throughout the execution of the project, as illustrated in Figure 1.9. Figure 1.9 Risk Management Process