Risk management is a subject of growing importance in most sectors:

• Project Risk Management is driven by a variety of standards such as PMI PMBOK Chapter 11, the UK Association for Project Management Project Risk Analysis and Management (PRAM) Guide or the New Zealand AS/NZS4360.
• Safety and Security standards all prescribe a Risk Analysis process.
• Many corporations have an internal Risk Management function that must perform an appropriate Risk Analysis to identify Risk reduction policies.
• Banks arerequired by the new Basel agreement to manage the Operating Risk.

All these approaches are based on similar steps:

1. an analysis phase, which is based on processes and/or resources, risk factors, probability and impact estimates
2. establishing a set of rules to prevent risk and deal with events
3. collect data over time
4. analyse data, report to authorities, plan for improvement of the risk profile.

ProcessFrame allows building up the analysis model, supports the workflow to manage events and collect the relevant information, helps performing data analysis with its statistical functions, keeps track of plans and actions, produces data files for external authorities when required.