In its simplest terms, risk management is thinking about what could go wrong, deciding how likely and/or catastrophic that would be, and taking action to avoid either the problem or its consequences.

The best way to carry out a risk analysis is with all those involved talking around the table. Only that way can you have a sensible and complete discussion about all the risks and how to mitigate them. And it follows that revisiting your risk register on a regular basis is also a team activity, not an individual one.

Following are the steps for a successful risk management strategy.