Risk Management Statuses

Overview

Lifecycle for Risk Items

Risk lifecycle goes like this:

1. Risk is being vaguely defined - draft
2. Details are added and risk is confirmed - identified
3. Risk assessment is kicked off - under assessment
   1. Risk Calculation is finalized and risk value is determined - assessed
4. Leo makes a decision about what to do next:
   1. There is no reason to discuss this risk, it is invalid, lacks reasoning, etc. unfounded
   2. Decides to accept the risk as-is - accepted
   3. Decides to transfer it to a vendor - transferred
   4. Makes a decision to avoid risk completely - avoided
   5. Decides to research/remediate it in the future and try to reduce it - remediate
5. Leo is actively working on one of the risks - in remediation

Once remediation is completed, the risk is reassessed and can end up in the following state:

1. Accepted
2. Transferred
3. Avoided