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Risk Life Cycle

ISO Risk Framework

The International Organization Standards (ISO) chart depicts the continuous flow of a risk’s life cycle. 

It is a thoroughly interactive process that involves input from all levels of the organization.

This chart identifies the five steps of a risk cycle:

  1. Establish context
  2. Risk identification
  3. Risk analysis
  4. Risk evaluation
  5. Risk treatment

As shown in the chart, the flow of information through these steps occurs in conjunction with ongoing communication, consultation, monitoring and review.