Essay on Risk Management Process

1603 Words7 Pages
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 – an issue has already occurred; a risk is the possibility that an issue might occur. By recognizing project risks, or potential issues, the Project…show more content…
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, or both - Assess risk mitigation activities, program and effectiveness; help refine these as necessary • Final validation of risk owners • Serve as risk owner, as assigned Project Manager or designee • Facilitate the risk assessment processes of identification, assessment, mitigation • Prompt risk owners as necessary for updates to assigned risks • Manage and update the Risk Management Log • Coordinate risk meetings • Monitor overall status of project risks • Escalate risks as appropriate • Provide initial input to and assignment of risk owner as appropriate Risk Owner • Perform research required to clarify and analyze risks • Develop mitigation strategies and contingency plans • Monitor status of individual risk
Open Document