In risk management, what follows after identifying the risks?

After identifying the risks, the next critical step in risk management is to evaluate those risks. This involves assessing the likelihood of each risk occurring and the potential impact it could have on the project or organization. Evaluating risks helps prioritize them based on their severity and probability, allowing for informed decision-making regarding how to manage each risk.

This evaluation process often includes qualitative and quantitative analysis and enables stakeholders to understand the level of threat each risk poses to the organization. By systematically evaluating the identified risks, project managers can determine which risks need immediate attention and resources, and which can be monitored or mitigated in the future.

The other options, while relevant to risk management, typically follow the risk evaluation stage. Implementing early warning indicators, designing control measures, and determining risk budgets are actions that depend on the results of the risk evaluation process to be effectively developed and executed.