Risk Management process is fundamental to the successful delivery of a project. The Risk Management process ensures that each risk identified within the project environment is documented, prioritized and mitigated wherever possible. For the purpose of the project, Risks are defined as ˇ§any event which is likely to adversely affect the ability of the project to produce the required deliverablesˇ§.
Raising Risks. This process allows for any member of the project team to raise a project-related risk. The following procedures are undertaken :
- Risk Originator identifies a risk applicable to a particular aspect of the project (e.g. scope, deliverables, timescales, organization).
- Risk Originator completes a Risk Form and distributes the form to the Project Manager.
Registering Risks. This process enables the Project Manager to review all raised risks and determine whether or not each risk is applicable to the project. If the risk is considered by the Project Manager to be 'appropriate to the project', then a formal risk is raised in the Project Risk Register and a risk number assigned. The Project Manager will furthermore assign the risk 'impact' and 'likelihood' based upon the details provided in the Risk Form.
Assigning Risk Actions. This process involves the formal review of the Risk Register, by the Project Review Group. The Project Review Group will review each risk in turn (based upon the risk 'impact' and 'likelihood').
Implementing Risk Actions. This process involves the implementation of all actions assigned by the Project Review Group.
Defining Roles to Manage and Follow Risks. You can define the roles and responsibilities for all resources involved (both within and external to the project) with the identification, review and mitigation of risks within the project.
Risks Summary View. Risk Manager incorporates a graphical overview indicating the current rating of all risks concerning a project. By clicking on the number of the risk indicator in one of the cells, a window opens containing the list of corresponding risks, in order to access them.
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