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Elements and Performance Criteria

1. Identify project risks
   • Determine risk objectives and standards, with input from stakeholders
   • Establish project risk context to inform risk management processes
   • Identify project risks using valid and reliable risk identification methods
   • . Classify project risks within agreed risk categories
2. Analyse project risks
   • Determine risk analysis classification criteria and apply to agreed risk ranking system
   • Use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities
   • Determine risk priorities in agreement with project client and other stakeholders
   • Document risk analysis outcomes for inclusion in risk register and risk management plan
3. Establish risk treatments and controls
   • Identify and document existing risk controls
   • Consider and determine risk treatment options using agreed consultative methods
   • Record and implement agreed risk treatments
   • Update risk plans and allocate risk responsibilities to project team members
4. Monitor and control project risks
   • Establish regular risk review processes to maintain currency of risk plans
   • Regularly monitor risk environment to identify changed circumstances impacting project risks
   • Determine risk responses to changed environment
   • Implement agreed risk responses and modify plans to maintain currency of risk treatments and controls
5. Assess risk management outcomes
   • Review project outcomes to determine effectiveness of risk-management processes and procedures
   • Identify and document risk management issues and recommended improvements for application to future projects