Excellent summary of the process!
Might also consider:
– Defining expected business outcomes (in Step 1)
– Quickly identifying what’s truly unknown (uncertainty) and what’s somewhat known (what can be measured, assigning probabilities to possibilities). I’ve found two streams helps keep moving the decision along (step 2)
– Identifying what others are doing and determining if your “risk-based” process can be used for competitive advantage (i.e. improving profitability, either by adding market value or managing cost).
Don’t forget to take the time to understand others perspectives (and understanding of how they make money) – customers, suppliers, producers, competitors, potential new players. UNCERTAINTY = OPPORTUNITY
– Dialogue, dialogue, dialogue. No longer is just about the rules and compliance. Navigate, then manage. It’s a negotiation and there is no better time for risk professionals to be part of it. Markets move fast, organizations do not!