Step

Communications & Consultation

Responsible Party

Risk Owner

Template/Guideline

Explanatory Notes

Engage key stakeholders in risk identification and risk analysis process. Keep the Project Board and other stakeholders/partners informed on RM processes at the project level.

Step

Scope, Context and Criteria

Responsible Party

Template/Guideline

Explanatory Notes

Integrated in Programme and/or Project Document, Multi-Year Work Plan.
 

Step

Risk Assessment:
 
Identification of Risks

Risk Analysis

Evaluation of Risk

Responsible Party

Template/Guideline

Explanatory Notes

Assess risks during Project Design and as often as needed during implementation, once a year at a minimum. Track in Risk Register.

In consultation with relevant stakeholders, identify major risks for the project objectives.

Analyze likelihood and impact of the project risks by applying the ERM Criteria Model and record in Risk Register.

Evaluate each project risk to determine which risks can be accepted and which risks require a priority treatment in order to meet project objectives and avoid harm. 

Step

Risk Treatment

Responsible Party

Template/Guideline

Explanatory Notes

Identify risk treatment measures in Risk Register during project design, prior to project approval.

During implementation, update/confirm risk treatment measures to address changes in context, new information and new risks, as necessary and based on Step 4. Implement identified risk treatment measures. Escalate/transfer the risks that meet any of the escalation conditions to the applicable line management.

Step

Risk Monitoring & Review

Responsible Party

Risk Owner

Template/Guideline

Explanatory Notes

Monitor and review risks at the frequency that is best fit for the risk and complexity of the project. Update Risk Register once a year at a minimum.
 

Step

Risk Recording and Reporting

Responsible Party

Project Manager

Template/Guideline

Explanatory Notes

Risks are to be recorded in ERM Risk Register and risk reporting is integrated in agreed project reporting cycle, once a year at a minimum. Project risks presented to the Project Board.