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. The project you are carrying out will run out smoothly if you are able to put into action the five core principles of risk management and this will be a positive experience for everyone. Risk is always uncertain and when it occurs it can either cause positive or negative results. It is important to note that risk can make both negative and positive effects on a project. Many project managers fall into a trap of thinking that risk will only affect their projects negatively. 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 steps are always the same but the jargons used to describe them may be different. You will come up with a simple and an effective risk management process if ou combine the five steps together. The five steps as are as follows. The first step towards an effective risk management is identification. As the project manager you should be able to uncover, recognize, and describe all the risks that might affect the outcome of your project. As the project manager there are a few steps that you should use so that you can identify project risks. At this point you should come up or start preparing a project risk manager. The second step you should follow for you to come up with an effective risk management is analyzing. After identifying the risk you should be able to analyze the consequences of the risks. You should be able to understand the nature of the risk and the effect it can hove on your project. Also include analysis to your project risk manager. The third effects towards a successful risk management is to evaluate and rank. It is important you evaluate and rank the risk after identifying and analyzing the risk because this will help you determine the magnitude of the risk as well as the possible consequences. At this point you should make a decision on whether the risk is acceptable or it is serious enough to issue a warranty. This should also be included in the project risk register. Treat is another step towards a successful risk management process. Risk response planning is another name that can be used instead of treat. This step should help you identify the highest ranked risk and you are able to come up with a plan on how to treat the risk and this should also be included in the register. Monitoring and reviewing is the fifth step.