Risk Management

Risk Management Plan provides standard methods or basis for the performance of risk management and control activities that the project team will use to manage the risks involved in the programme lifecycle of all the assets needed to provide the project. Activities taken into account are:

• Risk Identification - this determines which risks are likely to affect the project, and documents the characteristics of each.
• Risk Quantification - this evaluates risks and risks interactions to assess the range of possible project outcomes.
• Risk Response – this defines enhancement steps for opportunities and responses to threats.
• Risk Response Control – this refers to the act of responding to risk over the course of the programme lifecycle.

The risk register, which is the main tool of the risk management system, provides a summary of the information on risks which have been identified to date, and as a driver for control and mitigation actions. This register is a live tool that constantly records risk information as actions are taken, new insights become evident and risks are identified, assessed, controlled, revised or closed.