What is the first step in the classic 5-step risk management process?

The first step in the classic 5-step risk management process is risk identification. This step involves recognizing and clearly defining potential risks that could affect an organization or project. By identifying risks upfront, teams can gain a comprehensive understanding of what vulnerabilities may exist, which are fundamental for effective risk management.

Identifying risks lays the groundwork for subsequent steps such as evaluating them, prioritizing responses, controlling risk through mitigation strategies, and monitoring ongoing risk conditions. Without a thorough identification of risks, other processes may lack direction and accuracy, making risk management less effective.

Understanding the nature of potential risks early on assists in creating appropriate strategies to manage and mitigate those risks effectively, leading to improved safety and more successful outcomes.