Risk Management Plan Page 3
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10• Risk Assessment
• Risk Mitigation
• Risk Contingency Planning
• Risk Tracking and Reporting
Appendix A will present the risk impact assessment matrix and appendix B will present a sample
of the risk register.
2 Risk Management Strategy
2.1 Risk Identification
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
Insert Project Name Here
Project Manager has overall responsibility for managing project
risk. Project team members may be assigned specific areas of responsibility for reporting to the
project manager.
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.
Risk identification consists of determining which risks are likely to affect the project and
documenting the characteristics of each.
Risk communication involves bringing risk factors or events to the attention of the project
manager and project team.
The
Insert Project Name Here
project manager will identify and document known risk factors
during creation of the Risk Register.
It is the
Insert Project Name Here
project manager’s responsibility to assist the project team
and other stakeholders with risk identification, and to document the known and potential risks in
the Risk Register. Updates to the risk register will occur as risk factors change. Risk
management will be a topic of discussion during the regularly scheduled project meetings.
The
Insert Project Name Here
project team will discuss any new risk factors or events, and these
will be reviewed with the
Insert Project Name Here
project manager.
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