Risk Management Approach
A Risk Management Approach describes the specific Risk management techniques and standards to be applied and the responsibilities for achieving an effective risk management procedure.
A Risk Management Approach can take a number of formats, including: Stand-alone document or a section in the Project Initiation Documentation ; Entry in a project management tool.
The following quality criteria should be observed:
- Responsibilities are clear and understood by both customer and supplier
- The risk management procedure is clearly documented and can be understood by all parties
- Scales, expected value and proximity definitions are clear and unambiguous
- The chosen scales are appropriate for the level of control required
- Risk reporting requirements are fully defined.