Risk Management Strategy
A Risk Management Strategy describes the specific risk management techniques and standards to be applied and the responsibilities for achieving an effective risk management procedure.
The Risk Management Strategy should cover the following topics.
- Introduction 3
- Risk Management Procedure 3
- Tools and Techniques 3
- Records 4
- Reporting 4
- Timing of Risk Management Activities 4
- Roles and Responsibilities 4
- Scales 5
- Proximity 5
- Risk Categories 5
- Risk Response Categories 5
- Early-warning Indicators 5
- Risk Tolerance 6
- Risk Budget 6
PRINCE2® Risk Management Strategy to download PDF
PRINCE2® Risk Management Strategy to download WORD
The Risk Management Strategy is derived from the:
- Project Brief;
- Business Case;
- The corporate or programme management’s risk management guide, strategy or policy
.
A Risk Management Strategy can take a number of formats, including: Stand-alone document or a section in the Project Initiation Document; Entry in a project management tool.
The following quality criteria should be observed:
• Responsibilities are clear and understood by both customer and supplier
• The risk management procedure is clearly documented and can be understood by all parties
• Scales, expected value and proximity definitions are clear and unambiguous
• The chosen scales are appropriate for the level of control required
• Risk reporting requirements are fully defined.
Creation, update and use
The Risk Management Strategy is created by the Project Manager in the Initiating a Project process. When creating it, he must take into account the Corporate/Programme startegies and can then receive advice from the Project Assurance.
The strategy should be updated in the Managing a Stage Boundary process.
The Risk Management Strategy is used by the Project Manager to evaluate the threats and opportunities (probability and inpact) and also when planning risk responses.
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