Relevant Steps. Steps HD Faculty™ uses in selecting cost-effective controls for each risk event undertaken by the Risk Management Team:

1. Evaluate the potential losses to HD Faculty™.
2. Identify potential mitigation tactics and techniques to reduce or eliminate the identified risk.
3. Assess direct costs, as well as indirect costs to implement the tactic plan.
4. Compare costs of implementing controls with the anticipated benefits (one of the objects is to identify the cost/benefit of the mitigation tactical plan/proposal, by calculating the risk reduction leverage).
5. Select and implement tactical plans that add the most value relative to the composite costs.