Agencies will need to document the proposed risk management strategy for implementing the project or program.
Managing risk has two main parts: risk analysis and risk management. Risk analysis is essential for effective management of risk and comprises risk identification, estimation and evaluation. Identifying risks must be gathered through consultation with stakeholders. Use skilled resources that can speak to the technical, environmental, social, procurement, change management and service integration requirements of the project or program.
Risk management identifies how future events will be managed to ensure that the identified benefits will be achieved within the scope, time frame and proposed budget.
Agencies are encouraged to document the results of risk assessments within a risk register (which is part of the Risk Management Plan) which is regularly reviewed, updated and reported as part of the governance arrangements for the life of the project or program.