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PRINCE2 2009 - Risk part 14

The PRINCE2® approach

Risk management procedure


The primary goal of the ‘Implement’ step is to ensure that the planned risk responses are actioned, their effectiveness monitored, and corrective action taken where responses do not match expectations.

An important part of the Implement step is to ensure that there are clear roles and responsibilities allocated to support the Project Manager in the management of project risks.

The main roles in this respect are:

Risk owner

A named individual who is responsible for the management, monitoring and control of all aspects of a particular risk assigned to them, including the implementation of the selected responses to address the threats or to maximize the opportunities

Risk actionee

An individual assigned to carry out a risk response action or actions to respond to a particular risk or set of risks.
They support and take direction from the risk owner.

Example of a risk owner and risk actionee

There is a risk that a key supplier may go bankrupt.
The commercial director has been appointed as the risk owner.
A number of risk responses have been identified and selected.
One of the risk responses (fallback) is to identify possible alternative suppliers who have the capacity to undertake the affected Work Packages at short notice, and to obtain some quotes from them.
The Procurement Manager is the risk actionee for this particular risk response.

In many cases, the risk owner and risk actionee are likely to be the same person.
The risk owner should be the person most capable of managing the risk.
Allocating too many risks to any one individual should be avoided.

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.