Risk management identifies risks at an early stage and defines measures to ensure success.
Risks are future events that pose a problem if they occur. Project risks concern the course of the project. Operating risks affect the utilization of the project outcomes.
Risks are identified and analyzed. Depending on the significance of a risk, the strategy and measures for dealing with the risk are defined.
An in-depth risk assessment takes place at the end of each phase so that a decision on the release of the next phase can be made. The risk assessment is recorded in the phase report.
Risk management is documented in two outcomes: the project management plan describes how risk management is carried out and the project status report contains the effective risks.
The project sponsor can commission overarching risk management of the project. To this end, he appoints an independent body that reports directly to him. This measure is performed in the project steering module with the steer project task.
Obtain information about the project and its environment
Define the risk management process and risk assessment metrics in the project management plan
Identify risks and group them into risk areas; analyze risks and assess their probability of occurrence and the extent of damage, and document this in the project status report
Define the strategy (e.g. avoidance, reduction, outsourcing, acceptance of the risk) for each risk in the project status report and define, commission and monitor the measures.
Periodically communicate the assessment of the risk situation to the relevant bodies and persons using the project status report