Risks will be responded too and thus controlled, in a strategic and efficient manner. The approaches to be adopted are:
- Risk reduction or elimination;
- Risk transfer;
- Risk avoidance; and
- Risk absorption / retention
The risk register will be used to control and drive the process of risk response through defining mitigation options to be developed and assessed and tracking their implementation.
The approach to the risk response is essentially the process by which the Risk Management Group (RMG) collate, update, report and manage the risk elements.
The RMG will initiate Risk Management Sub-Groups (RMSG) in order to effectively manage and progress the risk items. The sub-groups will each be responsible for a definitive section of the Project Risk Register and will be required to progress, identify and action risk items.
The RMSG will be responsible for organising meetings between the project parties in order to progress and update the Project Risk Register.
The groups will oftne be required to arrange necessary risk progress meetings with all involved parties. The sub-groups will be required to:
- Review all identified risks and comment / amend control strategy
- Prioritise actions depending on urgency, and risk rating
- Assign actions at meeting
- Review action progress and set actions for individuals to mitigate risks
- Follow-up previous actions
- Review risk consequences and ratings for their sub-group
- Suggest un-identified risks / emerging risks and put forward control strategy
- Update Project Risk Register to reflect actions given and progress achieved
- Close (but not delete) any risks which are now under control or closed
The RMSG leaders will provide the updated Project Risk Register to the Risk Controller, who will consolidate the register and distribute it, along with a summary register of critical issues, to the RMG one (1) week prior to the monthly RMG Meeting.
The RMSG leaders will complete and issue a Risk Management Sub-Group Action Reports in conjunction with the updated Project Risk Register. This report will be used to brief the RMG of current actions and issued.
