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Project Risk Management
The guideline provides direction on best practice in risk management, discussing the risks that a project may place on a business, examining the role of senior management and the level of support that may be required to manage risks effectively. The main points addressed in the guideline are:
- The definition of risks associated with a project and effective management of them;
- The principal issues to consider in the management of risk;
- The key roles and responsibilities in risk management;
- The step-by-step risk management process, from identification through risk evaluation and classification to monitoring the risk profile.
Risk management involves the identification, analysis and evaluation of a project's risks and the development of cost effective strategies to treat those risks. The management of risks is one of three core elements of a project, alongside Change Management and Quality Management, each the subject of separate Government Chief Information Office (GCIO) guidelines.
This guideline is primarily for agency level practice, but is particularly applicable to senior managers. To meet government requirements it should also be applied to other individuals, sectors and whole-of-government programs.
