SEAS shall employ a "Common Sense" approach to revising, developing and formalizing as necessary existing Risk Management documents to address both Product and Process Risks by:
· Identifying and categorizing potential risks
· Weighting all risks in an assessment matrix
· Identifying each probability, consequence and mitigation
· Conducting and documenting your Risk Benefit Analysis
· Defining and Developing the monitoring of:
o Trigger Points
o Responses
o Follow-up Actions
· Updating and Maintaining your Risk Management Plan