... IMPORTANCE OF RISK MANAGEMENT Risk management encompasses three processes: risk assessment, risk mitigation, and evaluation and assessment. Section 3 of this guide describes the risk assessment ... identification and evaluation of risks and risk impacts, and recommendation of risk- reducing measures. Section 4 describes risk mitigation, which refers to prioritizing, implementing, and maintaining ... eliminating risk. To measure risk, a risk scale and a risk- level matrix must be developed. Section 3.7.1 presents a standard risk- level matrix; Section 3.7.2 describes the resulting risk levels....