Project Risk Management Roles and Responsibilities

2508 WordsNov 23, 201011 Pages
PROJECT RISK MANAGEMENT ROLES AND RESPONSIBILITIES Prof. Swati Oza (Asst. Profesor, JSPM’s Abacus Institute of Computer Application) Prof. Shital Deshmukh (Asst. Profesor, JSPM’s Abacus Institute of Computer Application) Prof. Neha Tejwani (Asst. Profesor, JSPM’s Abacus Institute of Computer Application) __________________________________________________________ Abstract The benefits of risk management in projects are huge. You can gain a lot of money if you deal with uncertain project events in a proactive manner. The result will be that you minimize the impact of project threats and seize the opportunities that occur. This allows you to deliver your project on time, on budget and with the quality results your project sponsor demands.…show more content…
It goes on to motivate why an external risk management team would be better than an internal one. During the risk response planning phase, one of the inputs is stated as risk owners and explains this as follows: “A list of project stakeholders able to act as owners of risk responses. Risk owners should be involved in developing the risk responses”. These are the only references in the PMBoK to the people that should be involved. From the above, two roles are identified. The first is the risk team that will perform the required activities and secondly, risk owners to be involved in the development and implementation of the risk actions. It does, unfortunately, not state what the responsibilities are that accompany these roles. In the next section, a more comprehensive framework is given for the roles for risk management followed by an explanation of the associated responsibilities. 2. RISK MANAGEMENT ROLES Five separate roles can be defined for performing project risk management. These are: • Project risk manager • Project risk management team • Project risk profile owners • Project risk custodians • Project team members Following is an explanation of each role. 1. Project risk manager The role of the project risk manager is to provide the overall project risk strategy and to coordinate the project risk management
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