IPED UK

(;\ Resourcing the risk management process .

~ The level of resource commitment for risk management activities needs to be decidecl and specifiecl in
the risk management plan. The perceivecl level of risk activity will depend on the type of project.
For example, projects that are concerned with highly innovative products or development work
would need to give more emphasis to risk management. Also projects with high health and
safety considerations such as the Exploration and Production (E&P) would need to give more
emphasis to the reduction of the occurrence of such risks and minimizing their impact should
they occur.

(i"\. Resourcing risk responses actions

~ After risks have been identified and assessed, it is vitally important that actions are raised and that
owners are assigned to carry them out. The actions themselves must be able to demonstrate an
effect on reducing the threat or increasing the opportunity. Risk owners are responslole for
ensuring that actions are properly expressed, that owners are assigned to carryout actions, that
each action has a due date and is costed, and that probability and impact changes are
estimatecl. Action owners should ensure that they have the time and skill required to carry out
actions assigned to them and report progress against each action

Risk documentation

The risk documentation forms part of the project documentation and should be subject to bath
the project's configuration management system and audit imder the projecrs quality management
activities. The main elements in risk documentation are summarized below:

'*' Risk_management_plan: This describes how risk will be addressed for the project
· Risk r~ister: This records identified risks, probabilities, impacts, costs and priorities,
together with risk reduction actions -4
Risk analys.!s..: This analyses risk data
'* Risk_reports: This documents the status of risks, actions progress etc.
~ Risk_reviews: This is formai risk review outcomes
· BJ$k workshop ... QY!P.Yt: This documents the proceedings of
assessment group sessions
~ BJ~k.Jgs..s_Q.{lS_.le.ID.:o.§d: This is produced at major stage ends

(D . Risk reporting · .
Risk information needs ta flow through the project team so that it can be integrated into the
organization's overall reporting cycle. It will avide ma n input: for rislneviews t take
place at critical decision points in the project.

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