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Risk management
Risk management

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2 The importance of assessing all consequences

In Session 3 you saw how one risk can have more than one consequence. It is therefore important that you can understand and assess all of the consequences a risk can have. It is also important to consider how a consequence can evolve.

Risks change over time. It may seem obvious to say so, but over time the risk level faced for some risks may go up, while for other risks it may go down. Sometimes this is due to things within your control (e.g. tangible things you have done to alter the risk level); other times it may be due to a change in the external environment that change the level of risk faced. Consider the different points at which risks are normally assessed.

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When assessing a risk you need to consider the level of risk and how this changes over time. This part of the process is iterative, where assessment of risks and treatment of risks need to be considered together. Risk treatment will be covered in more detail in Session 5.