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PRINCE2 2009 - Risk part 6

The PRINCE2 approach

Risk management in projects

A starting point for all projects will be to identify whether there are any corporate or programme policies and processes that need to be applied.
This information may be in the form of a risk management policy and/or a risk management process guide (or similar documents).

  • An organization’s risk management policy should communicate how risk management will be implemented throughout the organization to support the realization of its strategic objectives. This will include information such as the organization’s risk appetite (an organization’s unique attitude towards risk taking that in turn dictates the amount of risk that it considers acceptable), risk tolerances, procedures for escalation and defined roles and responsibilities
  • An organization’s risk management process guide should describe the series of steps and their respective associated activities necessary to implement risk management. This guide should provide a best-practice approach that will support a consistent method of risk management across the organization.

Where the project forms part of the programme, the project’s approach to risk management will be determined by the programme’s Risk Management Strategy.

PRINCE2® recommends that every project should have its own Risk Management Strategy (defining the project procedures for risk management from identification through to implementation) and a means of control, i.e. the Risk Register.

For more information on the risk management policy and process guide documents, see OGC’s Management of Risk: Guidance for Practitioners (2007).

Risk management is a large area and is covered in depth in ‘The Complete Risk Management package’.

PRINCE2® is a Registered Trade Mark of the Office of Government Commerce in the United Kingdom and other countries.

Non - PRINCE2 information

This product contains EVERYTHING in the publications:

Managing Successful Projects with PRINCE2 - 2005 edition
Managing successful Projects with PRINCE2 – 2009 edition
Directing Projects with PRINCE2.
The Complete Project Management package.

And much more besides - at a fantastic price.