Scales: The grading criteria for each risk, that is, for the Probability and Severity score, are defined in this section.The Project Manager and Project Support will normally take care of this unless a specific risk role is assigned to the project. Roles and responsibilities: This section defines who will be responsible for the risk register, who will perform the risk analysis and response plans and who will create reports.Timing of risk management activities: Specifies the point at which the risk re-analysis, register updates, and reporting will take place.Reporting: Outline how risk reporting will be done and which documents will be used e.g., High level risk should be included in the Business Case.Records: The structure and format of the Risk Register is defined and perhaps a link to Risk Register.Tools and techniques: List the risk management systems or tools to be used by the project.Risk management process: This section describes the procedure to do the following: 1) identify risks, 2) analyse risks, 3) response options to consider, 4) decide on to respond to risks, and 5) how risk response plans will be developed.Introduction: This section states the purpose, objectives and scope, and identifies who is responsible for the approach during the project.The Risk Management Approach may be updated during the project but this must be agreed by the Project Board.They will then review it and see what needs to changed: Reports to use, who to report to, etc.During the Initiation Stage, the Project Manager will obtain a Risk Management Approach template.
#Risk manager wiki update
This might seem like a big task, but if your project is part of a program, then most of the risk management approach will already be provided to you in a detailed template that you can update to suit the project. Another way to say this is: The risk management approach describes the specific risk management techniques and standards to be applied during the project, and the responsibilities to provide a good and consistent risk management procedure. This document defines the project procedures for risk management in terms of how risk will be identified, assessed, controlled, and communicated in the project.
PRINCE2 recommends that each project have its own Risk Management Approach document.
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