Risk Management Strategy Define the risk management methodology to be used, the risk assumptions, the roles and responsibilities, the timeframes, risk rating/scoring techniques, establish risk thresholds, define risk communications, and develop a risk tracking process. 1. Define the risk management methodology to be used The risk management process is scalable to ensure that the level, type, and visibility of risk management are commensurate with both the risk and the importance of the project. A. Risk Identification Risks will be identified by using the Risk Assessment Questionnaire Template, augmented to include other project specific risks, as appropriate. B. Categorize Risks The Risk Assessment Questionnaire Template groups the risks into categories. The project will create additional categories, as required. C. Risk Impact Assessment – For each risk identified, assess the risk event in terms of likelihood of occurrence and its effect on project objectives if the risk event occurs. This information will be used to prioritize the risk using established threshold criteria. D. Prioritize Risks – Risks that meet the threshold criteria will be recorded in the Risk Response Plan. E. Risk Response Planning: · For each risk in the Risk Response Plan, determine the options and actions to reduce the likelihood or consequences of impact to the projects objectives. · Determine the response based on a cost/benefit analysis (cost vs. expected effectiveness). · Describe the actions to be taken to mitigate the risk · Describe the actions to be taken when the risk event occurs (contingency plan) · Assign responsibilities for each agreed upon response · Assigned a due date where risk responses are time sensitive · Incorporated this information into the Risk Response Plan F. Risk Response Tracking: · Document the dates and the actions taken to mitigate the risk · Document the actions taken when the risk event occurred (contingency plan) · Document any subsequent actions taken · Incorporate this information into the Risk Response Plan G. Monitor Risk: · Establish systematic reviews and schedule them in the project schedule. · These reviews are to ensure: · All of the requirements of the Risk Management Plan are being implemented · Assess currently defined risks · Evaluate effectiveness of actions taken · Status of actions to be taken · Validate previous risk assessment (likelihood and impact) · Validate previous assumptions · State new assumptions · Identify new risks · Risk Response Tracking · Communications H. Control Risk: · Validate mitigation strategies and alternatives · Take corrective action when actual events occur · Assess impact on the project of actions taken ($$, time, resources) · Identify new risks resulting from risk mitigation actions · Ensure the Project Plan (including the Risk Management Plan) is maintained · Ensure change control addresses risks associated with the proposed change · Revise the Risk Assessment Questionnaire and other risk management documents to capture results of mitigation actions. · Revise Risk Response Plan · Communications 2. Define assumptions that have a significant impact on project risk
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