The Ultimate Guide to managing project risks
Download our guide on the procedure for managing risk in a project.
What is Risk Management?
Risk Management is a proactive process that aims to minimize and govern the factors that could potentially lead to risk.
Managing risk helps reduce threats and maximize opportunities. Rather than being reactive and struggling to overcoming problems when they occur, risk management aims to manage the factors that could potentially lead to risk.
Risk Management has four main goals
- Determine whether the overall risk of a Project, Programme or Portfolio is suitable for the organisation
- Create responses to the risks identified
- Minimise risks as much as possible
- Optimise events that can provide the best return on investment.
You can mitigate risks by avoiding, accepting, reducing, or transferring them. To manage these risks effectively you should use a risk management procedure like the one discussed in the guide.
Risk Management Templates
Risk Management Plan
A risk management plan is used to document how you will manage risk – your policies and procedures. On the Praxis Framework website, you can download a risk management plan for free – annotated and blank versions are available.
Risk register
The risk register is used to record all the risks that have been found and then how the key decision makers plan to treat the risks, to reduce the impact of the risk. On the Praxis Framework website, you can download a risk register for free.
Guide to Risk Management
The guide looks at how Praxis recommends you manage risk - from identifying risk events to planning your response.