It’s important to identify potential project and business risks. But the work doesn’t stop there.
For any risk that is likely to happen, or that would have a significant impact if it did, you should plan a proactive risk response. In addition, a contingency plan should be developed to specify how the team will react in the event that the risk becomes an active issue.
Need a quick review of the standard risk response strategies? Want some hints on when and how to use them? Our Risk Response and Planning Job Aid provides a great summary of key concepts related to risk assessment and management.