Elements and Performance Criteria
- Establish risk context
- Identify risk factors
- Develop or acquire a measurement scale for project risk, which includes importance, complexity, time and resources required
- Identify project risks based on the measurement scale developed and document according to business requirements
- Identify business impact of changes and document according to current and future business directions
- Implement contingency plans
- Classify each risk and create contingency plans that address how the risk will be monitored and overcome, if possible
- Identify measurable benchmarks to track the treatment of risks to the new system
- Identify risk management intervention points according to benchmarked performance tolerances
- Demonstrate use of phased implementation and piloting to reduce risk factors
- Monitor, update and report risk profile
- Conduct regular risk updates to add new risks and remove old ones
- Update contingency plans when appropriate to incorporate new information
- Conduct risk reviews at major project milestones and document outcomes
- Establish feedback processes to provide warning of potential new risks according to business requirements