Purpose:
Reducing risk exposure and minimizing the likelihood of an incident, continually addressing top risks and concerns to ensuring that a project is fully protected.
Objective:
Risks are handled and mitigated as appropriate to reduce adverse impacts on achieving objectives.
Description:
The steps in handling risks include developing risk-handling options, monitoring risks, and performing risk-handling activities when defined thresholds are exceeded. Risk mitigation plans are developed and implemented for selected risks to reduce the potential impact of risk occurrence proactively. Risk mitigation planning can also include contingency plans to deal with the impact of selected risks that can occur despite attempts to mitigate them. Risk parameters used to trigger risk-handling activities are defined by the risk management strategy.
Inputs:
- Risk Management Log
- Project Schedule
- Project Plan
Outputs:
- Updated Risk Management Plan
Controls:
Task Instructions:
Develop Risk Mitigation Plans
- Using the Risk Management Log, [the Project Manager], with support from the Project Team, is responsible for addressing the risks by developing a risk mitigation plan and a contingency plan to handle the risk if they occur.
- Using the Risk Management Log, [the Project Manager] is responsible for determining the levels and threshold that define the criteria for risk becoming unacceptable and triggering the execution of the defined contingency plans.
Implement Risk Mitigation Plans
- Using the Risk Management Log, [the Project Manager] is responsible for implementing the contingency plan if risks exceed the established threshold triggers or if risks have materialized.
- Using the Risk Management Log, [the Project Manager] is responsible for appropriately updating all the columns of the Risk Management Log.
- Using the Risk Management Log, [the Project Manager] is responsible for updating the triggers to invoke the contingency plan or an objective condition to execute the mitigation plan.
- Using the Risk Management Log, [the Project Manager] is responsible for assigning and communicating clear responsibility for the actions to be taken.
- Using the Risk Management Log, [the Project Manager] is responsible for evaluating changes and impact to the planning parameters and make appropriate adjustments to the Project Plan when mitigation plans are to be executed.
- Using the Risk Management Log, [the Project Manager] is responsible for identifying the appropriate (cost-effective) set of actions that will minimize the impact on the Project Schedule and update the Project Plan and the Project Schedule accordingly.
