ABSTRACT
The risk management steps constitute a decision tree with many nodes, numerous turning points, and U-turns; there are numerous alternative paths. Risk management, in the ultimate stages of action, requires the game approach. Risk strategies are created during practical exposure to risks. Risk strategies are perfected by practice, almost in a personal style. The risk management process will evolve with the organization’s growth and maturity. Evolution occurs through subtle stages of transformation, from crisis management to capability improvement, from risk identification to risk ownership, from risk mitigation to risk prevention. The scope and objectives of risk management procedures should match the process capabilities and threats in the organization. The scope can grow and change, followed by changes in risk mitigation techniques. When project teams are struggling to identify risks, a procedure with emphasis on risk tracking may seem burdensome.
