Risk

• Purpose
• Risk defined
  • What is a risk?
  • What is at risk?
  • What is risk management?
• Management of Risk
  • M_o_R_principles
• Risk management in projects
• Risk Management Strategy
• Risk Register
• Risk management procedure
  • Overview
  • Identify part 1
  • Identify part 2
  • Assess
  • Plan
  • Implement
  • Communicate
• Risk budget
• Responsibilities

Key sections

• Introduction
• Business case
• Organization
• Quality
• Plans
• Risk
• Change
• Progress
• Introduction to processes
• Starting up a projectDirecting a project
• Initiating a project
• Controlling a stage
• Managing Product Delivery
• Managing a Stage Boundary
• Closing a Project
• Tailoring PRINCE2 to the project environment
• Directing Projects with PRINCE2

The PRINCE2 approach

Risk management procedure

Communicate

Communication is a step that is carried out continually.
The ‘Communicate’ step should ensure that information related to the threats and opportunities faced by the project is communicated both within the project and externally to stakeholders.

Risks are communicated as part of the following management products:

• Checkpoint Reports
• Highlight Reports
• End Stage Reports
• End Project Reports
• Lessons Reports.

Care should be taken in using these reports to communicate risks with external stakeholders and reference should be made to the Communication Management Strategy for the most appropriate method.

There are numerous other communication methods, such as bulletins, notice boards, dashboards, discussion threads, briefings etc., that could be considered alongside the PRINCE2® management products.

A number of aspects of communication should be recognized and addressed if risk management is to be effective:

• A project’s exposure to risk is never static: effective communication is key to the identification of new risks or changes in existing risks. This depends on the maintenance of a good communications network, including relevant contacts and sources of information, to facilitate the identification of changes that may affect the project’s overall risk exposure
• Effective risk management is dependent on participation and, in turn, participation is dependent on effective communication.

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.