Risk Analyst Should know:

Before we start talking about the risk management strategy ,it is important for business analyst to be aware of these risks like

1. Skills and expertize-It is a risk of not getting the resources with the required expertise for project.
2. Quality is a risk and can be very dangerous if the product does not meet the quality measures.
3. Technological issues can be very risky for any project.
4. Project termination or closure due to any xyz reason can become a risk for the operation team.
5. Security is considered a very big risk at this point of time where we are dealing in the era of electronic data. Vulnerability to an attack result in danger or loss.

Risk Management Strategy:

If there is a risk then it is crucial to have the plan for managing that risk.

As art of your plan you can consider:

1. Avoiding the risk by putting preventive actions in place. To do that you may want to explore alternative options to achieve your goal.
2. Transfer the risk responsibility to the more appropriate party for dealing with the risk .
3. Accepting the risk. By doing this you have to put together the plan to handle the risk by any ways.
4. Mitigate the risk. You can only do this when you can plan for the action which may reduce the impact of the risk. You can have a plan which is proactive or may be retro-active.