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Explain the steps in the MSF risk management process.MSF risk management process follows the following steps:
Risk Identification: It is necessary to first identify the potential risks before we can decide about handling them.
Risk Analysis: The risks are assessed on the basis of likelihood of their occurrence and their impact.
Risk Action Planning: Actions to be taken to handle the risk after it has occurred, prioritizing these actions and coming up with a Master risk management plan.
Risk Tracking: Monitor the risks and the actions that are related to resolve them if risk has occurred.
Risk Control: Risk management merges with Project management to control risk actions and risk plan. Risk control must be done by integrating risk management with project management.
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