Abstract:

Risk management is becoming a key factor within organizations since it ensures a successful execution of projects. In an organization life cycle, there is simply no way to guarantee a completely risk free workplace. Moreover, information is essential to efficient and effective business processes and it is a critical success factor for a competitive market position. Due to this fact, information flows and process structure must be managed carefully to reduce risks that might face the progress of projects. This research aims to present a conceptual framework of the risk management process cycle. An articulate model of risk is developed based on a thorough analysis of various models presented in the literature. The main emphasis is on developing phases such as scrutiny, verifying, planning of experiments, and risk education across the risk management process cycle. This should improve the implementation of risk management processes.