Step 1 - ANALYZE
1.1: State goals and objectives ("objectives")
1.2: Define roles and responsibilities of decision makers
1.3: Brief decision-makers on objectives, standards, policies, and regulations
Step 2 - STRATEGIZE
2.1: Identify sources and levels of Risk.
2.2: Identify Assets.
2.3: Identify Time Horizons.
Step 3 - FORMALIZE
3.1: Define the strategy that is consistant with RATE.
3.2: Ensure the strategy is consistant with implementation and monitoring constraints.
3.3: Formalize the strategy in detail and communicate.
Step 4 - IMPLEMENT
4.1: Define the process for selecting key personnel to implement the strategy.
4.2: Define the process for selecting tools, methodologies, and budgets to implement the strategy.
4.3: Ensure that service agreements and contracts do not contain provisions that conflict with objectives.
Step 5 - MONITOR
5.1: Prepare periodic reports that compare performance with objectives.
5.2: Prepare periodic reports that analyze costs, or ROI, with performance and objectives.
5.3: Perform periodic examinations for conflicts-of-interest and self-dealing, and breaches of a code of conduct.
5.4: Prepare periodic qualitative or performance reviews of decision-makers.