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Risk management activities as applied to project management

In project management, risk management includes the following activities

• Planning
how risk management will be held in the particular project. Plan should include
risk management tasks, responsibilities, activities and budget.

• Assigning
a risk officer - a team member other than a project manager who is responsible
for foreseeing potential project problems. Typical characteristic of risk
officer is a healthy skepticism.

• Maintaining
live project risk database. Each risk should have the following attributes:
opening date, title, short description, probability and importance. Optionally
a risk may have an assigned person responsible for its resolution and a date by
which the risk must be resolved.

• Creating
anonymous risk reporting channel. Each team member should have possibility to
report risk that he foresees in the project.

• Preparing
mitigation plans for risks that are chosen to be mitigated. The purpose of the
mitigation plan is to describe how this particular risk will be handled – what,
when, by who and how will it be done to avoid it or minimize consequences if it
becomes a liability.

• Summarizing
planned and faced risks, effectiveness of mitigation activities, and effort
spent for the risk management.