After identifying potential risks, what is the subsequent step in risk management?

The subsequent step in risk management after identifying potential risks is to assess the identified risks. This step involves evaluating the likelihood of each risk occurring and the potential impact it could have on the project's objectives. By conducting this assessment, project managers can prioritize the risks based on their significance and decide on appropriate response strategies.

This assessment process often employs qualitative and quantitative methods, providing a clearer understanding of which risks require immediate attention and which can be monitored over time. By systematically evaluating each risk, project teams can develop a more focused and effective risk management strategy that aligns with the project's overall goals.

Following this assessment, the project team can then move on to developing specific response strategies tailored to mitigate, transfer, avoid, or accept the prioritized risks. Hence, assessment is critical as it forms the foundation for informed decision-making in the next steps of risk management.