Elements and Performance Criteria
- Identify project risks
- Review project planning documents, organisational risk policies and relevant lessons learned from earlier projects
- Identify major project risks and potential sources of project risk
- Establish relevant risk management processes and procedures
- Develop a project risk management plan, including a risk register in consultation with stakeholder and obtain sign-off
- Treat project risks
- Assess the likelihood of the risk occurring and the resulting consequence of the risk
- Develop risk response strategies and contingency measures as appropriate
- Incorporate risk response actions and contingency measures into the risk register and project schedule in consultation with stakeholders and obtain sign-off
- Monitor project risks