Risk management - Simple process outline

Simple process outline

The simple process requires a need to:

Identify the risks
Assess them in terms of impact and likelihood
At some point post assessment there will need to be a decision on how the risk is managed with a response. This may need to be presented to senior management to see if it is more appropriate for the board to own the risk or whether it will fall to the project manager. Also, these discussions will aid the decision to have a reactive of proactive response.
Proactive responses. These are discussed in more detail later. In essence these risks are likely to occur and could have a significant impact and so the appropriate response is incorporated in the ‘base plan’ to mitigate against the risk occurring.
Reactive responses. These are discussed in more detail later. These are put in place and are only used should the risk materialise. They exist as a contingency plan and will only be instigated if a trigger is activated.