Icologiq Knowledge · Process
Risk Management
The coordinated process of identifying, assessing, treating, monitoring and communicating risks that could affect objectives, safety, quality or compliance.
Also known as:
QHSE risk management, enterprise risk management
At a glance
Type
Process
Topic
Risk
Applies to
Cross-industry
Current version
Status
Last reviewed
September 14, 2026
Definition
Risk management is the organized process of understanding uncertainty, evaluating risk and determining appropriate controls or responses. In QMS and QHSE contexts, risk management may cover product quality, operational hazards, supplier risks, compliance risks and process changes.
Why it matters
Risk management matters because organizations need a consistent way to understand uncertainty, prioritize risks, select appropriate controls and monitor whether those controls remain effective as circumstances change.
Understand the decisions, objectives, stakeholders and operating environment that determine which uncertainties matter.
Establish context and objectives
1
Capture events, conditions and uncertainties that could affect objectives, including interactions between operational, quality, safety and compliance risks.
Identify risks and opportunities
2
Assess the nature and significance of risks using appropriate criteria so priorities and decision thresholds are transparent.
Analyze and evaluate
3
Choose measures to avoid, reduce, transfer, accept or otherwise address risk and assign accountable action owners.
Select and implement treatment
4
Track risk indicators, control performance, incidents and changes to determine whether the risk picture or treatment remains valid.
Monitor and review
5
Maintain enough information for stakeholders to understand key assumptions, decisions, responsibilities and changes over time.
Communicate and record
6
Process explained
Managing risk as a continuous discipline
Risk Management is an ongoing management process rather than a one-time assessment. It connects context, risk identification, analysis, treatment, monitoring and communication with governance and decision-making across the organization.
A structured assessment used to identify hazards or uncertainties, estimate their risk and determine whether controls or further action are required.
Risk Assessment
Process
· Risk
A formal process for proposing, assessing, approving, implementing and documenting changes that can affect quality, compliance, products or validated processes.
Change Control
Process
· Change
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