Risk Management Process

Purpose

The purpose of this Risk Management Process document is:

• To provide a framework to track and monitor project risks throughout the project lifecycle

• Establish roles and responsibilities of all participants in the process

Scope

This process will be used by the entire project team. As such, this document defines the Risk Management process and flow for a project.

Description

A risk is any factor that may potentially interfere with a successful completion of a project by having a negative impact to scope, cost, quality, or timeline/ schedule. A risk is not an issue – an issue has already occurred; a risk is the possibility that an issue might occur. By recognizing project risks, or potential issues, the Project Manager, or designee can attempt to avoid them through proper actions.

Risk identification consists of determining risks that are likely to affect the project and documenting the characteristics of those risks. While it is impossible to identify all possible risks, anything likely to occur should be included in the analysis.

Risk identification is the responsibility of all members of the project team. The Project Manager is responsible for tracking risks and developing mitigation strategies/ contingency plans that address the risks identified by the team. Sometimes a risk identification “brainstorming” session can help in the initial identification process, mitigation strategies and contingency plans. Such meetings help team members understand various perspectives and can help the team better understand the “big picture.”

The activities below describe the process for identifying, analyzing, prioritizing and responding to risks during the project lifecycle. The entire project team will be trained...

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...• M- Medium

• L- Low

Trigger Enter the event that would activate “trigger” the risk to occur here (i.e. what will cause the risk to occur?)

Trigger Date Enter the date expected of the trigger event here

Date Opened Enter the date the risk was opened here

Owner Enter the name of the person assigned to this risk here

Target Date Enter the date expected for the risk to be closed here. This field will usually be the trigger date or a date associated with mitigation efforts

Progress Note Enter any progress notes towards the risk or associated mitigation/contingency plans here

Date Closed Enter the date the risk was closed here

Closed By Enter the name of the person who closed the risk here

Process Assistance, Questions, or Recommendations

For assistance, questions, or recommendations regarding the above process, please contact the MHS Program Management Office.