The objective of quantification is to establish a way of arranging the risks in the order of importance. In most projects there will not be enough time or money to take action against every risk that is identified.
Risk response development involves defining enhancement steps for opportunities and responses to threats. These generally fall into three categories
• Avoidance - eliminating a specific threat, usually by eliminating the cause • Mitigation - reducing the expected monetary value of a risk event by reducing the probability of occurrence, reduce the risk event value, or both. • Acceptance - accepting the consequences.
Risk response control is the process by which risks are kept in the forefront of management discussions and thus, reviewed on a cyclic basis. Items that the risk register will hold in order to monitor and drive this process will include: • Outstanding action;
• Action owner;
• Action issue date;
• Action status;
• Action response; and
• Action close-out date.
The Risk Control Group will...