Step 1: Identify those elements or activities which could carry a risk.
Step 2: Identify the risks associated with each element or activity.
Step 3: Determine the possibility of occurrence of the risk and the severity of the consequences if the risk does happen. Step 4: Risk Prioritization (Risks with high severity of the consequences should be handled first.)
Step 5: Formulate, prepare and implement strategies to manage risks.
Step 6: Monitor the risks periodically