Risk management is a systematic ongoing process for identifying, assessing, and managing risks so that they conform to the organisation’s accepted risk attitude. Risk management improves the project team’s confidence by proactively managing any potential event that might have a positive or negative impact on project objectives.
Risk Management can be tailored and customised to a project’s needs and can be documented either in a Risk Management Plan or in the Project Handbook. A Risk Log is used to document and communicate the risks and relevant risk-response actions and responsibilities.
| Key participants | Description |
|---|---|
| EU Project Manager (EUPM) | Monitors and controls the risks. |
| Partners Project Managers (PtEUPM) | Support the EU Project Manager (EUPM) in monitoring and controlling the risks |
| Project Steering Committee (PSC) | Monitors projects with high levels of risk exposure. |
| Project Core Team (PCT) | Involved in identifying and responding to risks. |
| Project Support Team (PST) | Contribute to risks identification |
| Stakeholders | Identify and communicate risks in their areas of expertise. |
| Monitoring and Control | CA | PSC | GO | DC | PTG | CR | EUPM | PtEUPM | PCT | PST |
|---|---|---|---|---|---|---|---|---|---|---|
| Manage Risks | n.a. | I | A | C | C | I | R | S | C | S |