TEMPLATE GUIDE    1
1    RISK PROCESS    2
1.1    OVERVIEW    2
1.2    RAISE RISK    4
1.3    REGISTER RISK    4
1.4    ASSIGN RISK ACTIONS    4
1.5    IMPLEMENT RISK ACTIONS    4
2    RISK ROLES    5
2.1    RISK ORIGINATOR    5
2.2    PROJECT MANAGER    5
2.3    PROJECT REVIEW GROUP    5
2.4    PROJECT TEAM    5
3    RISK DOCUMENTS    6
3.1    RISK REGISTER    6
3.2    RISK FORM    6


What is a Risk Management Process?

A Risk Management Process is a method by which risks to the project (e.g. to the scope, deliverables, timescales or resources) are formally identified, quantified and managed during the execution of the project. The process entails completing a number of actions to reduce the likelihood of occurrence and the severity of impact of each risk.

A Risk Management Process is used to ensure that every risk is formally:
  • Identified
  • Quantified
  • Monitored
  • Avoided, transferred or mitigated.

When to use a Risk Management Process

Although the Risk Management Process is undertaken during the ‘Execution’ phase of the project (i.e. the phase within which the deliverables are produced), project risks may be identified at any stage of the project lifecycle. In theory, any risk identified during the life of the project will need to be formally managed as part of the Risk Management Process. Without a formal Risk Management Process in place the objective of delivering a solution within ‘time, cost and quality’ may be compromised. ©

The Risk Management Process is terminated only when the Execution phase of the project is completed (i.e. just prior to Project Closure).

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