What is the first step in the risk management process?

The first step in the risk management process involves identifying and anticipating potential risks that might impact the project. This step, often referred to as risk anticipation or risk identification, lays the foundation for effective risk management by allowing project managers to recognize risks before they materialize.

Anticipating risks enables managers to categorize them into various types, such as financial, operational, legal, and environmental, and to assess their potential impact on project objectives. By understanding what risks exist, managers can develop more comprehensive strategies for managing those risks, leading to better planning and preparedness.

Following this initial step, the risk management process typically involves further evaluation, assessment, and mitigation of the identified risks - but without first anticipating and recognizing risks, subsequent steps would lack the necessary information and focus.