3 - Plan response

  • Prepare and agree how you will respond to each risk.  Your risk response may be to take action to mitigate against the risk identified, ideally to remove or reduce the threats and to maximise the opportunities. 

  • What to do

    • Appropriate risk responses should be described in column K
    • A target date should be agreed for any risk response action and entered in column M and any contingency plan included in the Project Plan
    • The residual risk analysis should be assessed and columns N & O completed accordingly.
    • Go back to your board for sign-off of the risk responses. Update the status to 'M' in column Q. This will help you identify approved responses from proposed responses on newly identified risks as the project progresses.

    Tips on how to do it

    • Project Managers should work with the members of their projects board, their project team and key stakeholders to discuss appropriate risk responses. Who is involved and whether this is done through capturing ideas from individuals or as a group exercise will depend on the size and sensitivity of the project and the risks. PMs should seek the guidance of their Sponsor/Executive, assigned Project Assurance, or VPO in this.
    • When completing your residual risk analysis remember that some types of risk response affect the impact of a risk if it does occur and others affect the likelihood that it may occur. Make sure you only adjust the appropriate parameter for the response type chosen.
    • Remind your risk owner that they are now responsible for ensuring that the risk responses are implemented. (They are not necessarily the individual carrying out the risk response actions but they are responsible for making sure that they are done.)