SUCCESSFUL RISK MANAGEMENT. As a team member or a project manager you tend to manage risk on daily basis because it is one of the most important things to do. There are five core principles of risk management that will help you carry out your project management thus having a positive impact on everyone. Risk is always uncertain and when it occurs it can either cause positive or negative results. Risk can affect your project in either a positive or a negative way. This is because it is natural to fall into a trap thinking that risk only have negative effects. If you are open to the risks that create positive opportunities you can be able to streamline your project and they will be smarter and more profitable. The risk management process follows five steps. The only different thing that looks different are the jargons used to refer to the steps. You will come up with a simple and an effective risk management process if ou combine the five steps together. These steps include the following . The first step towards an effective risk management is identifying the risk. As the project manager you should be able to uncover, recognize, and describe all the risks that might affect the outcome of your project. There are some steps that you should follow so that you can identify the risks that are facing your projects. At this point you should come up or start preparing a project risk manager. Analysis is the second steps towards a successful risk management process. After identifying the risk you should be able to analyze the consequences of the risks. As a project manager you should be able to understand different natures of risks and the effects it can have on your project. This should also be included in the project risk register. The third effects towards a successful risk management is to evaluate and rank. After identifying and analyzing you should evaluate and rank the risk by determining the risk magnitude and this is a combination of likelihood and consequences. At this point you should make a decision on whether the risk is acceptable or it is serious enough to issue a warranty. Ensure that you have included this in the project risk register. Treat is another step towards a successful risk management process. Treat is also known as risk response planning. At this step you should assess your highest ranked risk and come up with a plan to manage the risk the treats that you will use should also be included in the project risk register. The fifth step is monitoring and reviewing.