Risk Process

1              Risk Process

1.1          Overview

"The Composite Risk Management Process is promised to ensure that each risk assigned within the project environment is authenticated, expanded and mitigated as appropriate.  Risks are defined as ‘any event which is likely to adversely affect the ability of the project to achieve the defined objectives’."

Risk Management will be promised on this project through the implementation of five key processes:

•              The identification of project risks

•              The logging and prioritization of project risks

•              The risk mitigating actions identification

•              The risk mitigating actions assignment and monitoring

•              The closure of project risks.

The following diagram provides an overview of the risk processes and procedures to be undertaken to effectively manage the related risks of project. Risk Roles have been identified too.

1.2          Raise Risk

This process provides the ability for any member of the project team to raise a project-related risk.  The following procedures are pledged:

•   Risk Originator identifies a risk applicable to a particular aspect of the project (e.g. scope, deliverable, timescales or resources)

•  Risk founder completes a Risk Form and issues the form to the Project Manager.

1.3          Register Risk

The Project Manager reviews all risks raised and determines whether or not each risk identified is applicable to the project. This decision will be mainly based upon whether or not the risk impacts on the:

•              Deliverable specified in the Deliverable Register

•              Quality aims specified in the Quality Plan

•              Delivery aims specified in the Project Plan

•              Resource aims specified in the Resource Plan

•              Financial aims specified in the Financial Plan.

If the risk is considered by the Project Manager to be ‘related to the project’, then a official risk is raised in the Risk Register and a Risk ID assigned. The Manager of the Project will assign the level of ‘impact’ and ‘likelihood’ based upon the risk's severity.

1.4          Assign Risk Actions

The Project Review Group complete a official review of each risk listed in the Risk Register and decide (based upon the risk ‘impact’ and ‘likelihood’) whether or not to:

•   Finish the risk in the Risk Register Form if there are no outstanding risk actions and the risk is no longer likely to impact on the project

•   Raise a change request when a change to the project is required to mitigate the risk

•   Identify risk actions to mitigate the risk.

1.5          Implement Risk Actions

The risk mitigating actions assigned by the Project Review Group are then implemented. These may contain:

•              Each action should be Scheduling for implementation

•              Each action should be implementing

•              Each action should be reviewing the success

•              Each action implemented should be communicating the success.