Purpose
Identifying and documenting events that pose a risk to the outcome of a project is
just the first step. It is equally important to monitor all risks on a scheduled basis
by a risk management team, and reported on in the project status report.
This plan documents the processes, tools and procedures that will be used to
manage and control those events that could have a negative impact on a
project. It’s the controlling document for
managing and controlling all project risks. This plan will address:
I)Risk Identification
II)Risk Assessment
III)Risk Mitigation
IV)Risk Contingency Planning
V)Risk Tracking and Reporting
VI)Risk Identification
VII)Risk Assessment
VIII)Risk Mitigation
IX)Risk Contingency Planning
X)Risk Tracking and Reporting
A risk is any event that could prevent the project from progressing as planned, or
from successful completion. Risks can be identified from a number of different
sources. Some may be quite obvious and will be identified prior to project kickoff.
Others will be identified during the project lifecycle, and a risk can be
identified by anyone associated with the project. Some risk will be inherent to the
project itself, while others will be the result of external influences that are
completely outside the control of the project team.
The Directors have overall
responsibility for managing project risk. As the IM Project Manager,
has been assigned by a person responsible for
administering risk management processes and activities for thea project.
Throughout all phases of the project, a specific topic of discussion will be risk
identification. The intent is to instruct the project team in the need for risk
awareness, identification, documentation and communication.
Risk awareness requires that every project team member be aware of what
constitutes a risk to the project, and being sensitive to specific events or factors
that could potentially impact the project in a positive or negative way.