Risk management is the process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring, or controlling it to an acceptable level considering associated costs and benefits of any action taken. Consider the following items in a risk management approach:
- The current level of risk using information from the risk assessment
- Whether current risks are acceptable or new risk reduction strategies should be pursued
- The cost-benefit ratio of the recommended strategies
- A plan to monitor how effectively they work
- Consult the ANSI/ASME-ITI/AWWA J100 RAMCAP Standard for Risk and Resilience Management of Water and Wastewater Systems for additional information