Table of Contents
DOCUMENT OVERVIEW 4
PURPOSE 4
SCOPE 4
DESCRIPTION 4
RISK MANAGEMENT FLOW 5
ROLES AND RESPONSIBILITIES 6
RISK TRACKING PROCESS 7
Identify Risks 7
Assess and Prioritize Risks 7
Determine Course of Action 8
Review and Monitor Risks 8
RISK MANAGEMENT LOG ENTRY DEFINITIONS 9
PROCESS ASSISTANCE, QUESTIONS, OR RECOMMENDATIONS 10
APPENDIX A: RISK MANAGEMENT LOG 11
Document Overview
Purpose
The purpose of this Risk Management Process document is:
” To provide a framework to track and monitor project risks throughout the project
lifecycle
” Establish roles and responsibilities of all participants in the process
Scope
This process will be used by the entire project team. As such, this document defines the
Risk Management process and flow for a project.
Description
A risk is any factor that may potentially interfere with a successful completion of a project
by having a negative impact to scope, cost, quality, or timeline/ schedule. A risk is not an
issue *ƒ²*ƒ”€š an issue has already occurred; a risk is the possibility that an issue might
occur. By recognizing project risks, or potential issues, the Project Manager, or designee
can attempt to avoid them through proper actions.
Risk identification consists of determining risks that are likely to affect the project and
documenting the characteristics of those risks. While it is impossible to identify all
possible risks, anything likely to occur should be included in the analysis.
Risk identification is the responsibility of all members of the project team. The Project
Manager is responsible for tracking risks and developing mitigation strategies/
contingency plans that address the risks identified by the team. Sometimes a risk
identification “brainstorming”“ session can help in the initial identification process,
mitigation strategies and contingency plans. Such meetings help team members understand
various perspectives and can help the team better understand the “big picture.”“
The activities below describe the process for identifying, analyzing, prioritizing and
responding to risks during the project lifecycle. The entire project team will be trained on
Risk Management and their active participation in identifying and mitigating risks will be
encouraged. Risk monitoring will be managed by the project manager or designee and
supported by all project team members.
Risk Management Flow
Roles and Responsibilities
The following table represents the roles and responsibilities associated with tracking risks
on a project:
Role Responsibility
Project Leadership ” Analyze and assess risks identified
” Attend risk meetings as scheduled
” Participate in:
– Identifying, discussing, and clarifying new risks
– Re-evaluating and updating current risks
– Defining and modifying mitigation/contingency strategies for each risk
– Present project point of view in developing risk mitigation strategies
– Perform actions that reduce the exposure for a risk, focusing on probability, risk impact,
