Project risks are identified and carefully managed throughout the life of the project. It is particularly important in the planning stage to document risks and identify reserves that have been applied to the risks.
Risk identification is the responsibility of all members of the project team. The Project Director is responsible for tracking risks and for developing mitigation strategies and contingency plans that address the risks identified by the team.
An issue is when a risk has materialised. A Risk Log and Issue Log will ensure potential problems are recognised and managed through the life of the project.