Project planning (Section 5.5) - What is the process for identifying, monitoring and managing risk during the implementation of the project?

Document the risk analysis by:

◼ stating what the project risk is assessed as (Gateway Project Profile Assessment risk evaluation tool)

◼ identifying the range of significant risks

◼ measuring each of the risk exposures in the project/program, in terms their likelihood (e.g. almost certain, unlikely) and their consequences (e.g. very high, moderate)

Risk exposure = Consequences x Likelihood

Likelihood

Consequences

Rare -1

Unlikely -2

Moderate -3

Likely -4

Almost certain - 5

Very high - 5

5

10

15

20

25

Major - 4

4

8

12

16

20

Moderate - 3

3

6

9

12

15

Minor - 2

2

4

6

8

10

Insignificant -1

1

2

3

4

5

Key

Risk Exposure:

Very high

High

Moderate

Low

◼ assessing whether the level of each risk is acceptable, and what the controls are to mitigate or reduce the level of gross risk

Document risk management approach by:

◼ selecting the option most appropriate to mitigate or reduce each identified risk

◼ identifying and assigning the resources necessary to do the work

◼ stating what will be done to monitor the status of each risk, and checking controls are performed and are effective