It takes care of both proactive and continuous risk assessment. Risks for any system are regularly assessed, mitigation strategies are prepared until they don’t exist anymore or it has already occurred. Risk that has occurred is no more a risk. It becomes an issue. MSF gives certain steps to plan, create and execute mitigation strategies.

They are:

Identify the risk

Analyze the risk to prioritize them

Plan a schedule based on the priority

Track what is done to manage the risk didn't harm anything else and the risk has been taken care of. This status should be reported to the stakeholders from time to time.

Risk controlling strategy.

Note the lessons learnt from the risks that have been found out or even the ones which have become issues.