A risk is a future event that may result in a process failure. Risks need to be identified and mitigated, if necessary. In laboratory medicine, the risks that need to be mitigated are those that may lead to failures that would harm patients. Risk mitigation should reduce either the probability of error, the failure due to the error, or both. Risk mitigation is not new to laboratory medicine. Laboratory professionals are accustomed to monitoring quality and evaluating the impact of failures. An IQCP formalizes the risk management data that is already maintained in the laboratory.