How Is Risk Management Implemented

by Ralph T. Dowson.

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Risk management follows a pattern that can be explained using various terms but can be quickly outlined in the following four steps:

1. Identify. Risks are identified but not judged as to their scope, magnitude, or urgency.

2. Assess. Risks are evaluated and prioritized based on their size and urgency.

3. Respond. All risks have a corresponding response that ranges from full acceptance of risk to prevention procedures.

4. Document. The identification, assessment, and response is documented to display the decision making process used in the project and to assist in knowledge sharing on future projects.

Note that risk management is normally initiated in the planning stages of a project (after the project has been properly defined) and continues routinely throughout the implementation of the project.

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