Risk Management

A Risk Management is the systematic process of identifying, assessing, and prioritizing potential risks to a project or system, followed by the coordinated application of resources to mitigate, monitor, and control their impact. In a quality assurance context, it ensures that testing efforts are focused on the most critical areas.

Example: For a new software release, the Risk Management process might identify a high risk of a critical payment processing feature failing, which could lead to significant financial loss. To mitigate this risk, the QA team would prioritize and allocate more time and resources to creating comprehensive test cases and executing performance testing specifically for the payment module, and the project manager would monitor the results closely.