Issue, Opportunity and Risk Management
Risk Management is fundamental to project delivery and the management of uncertainty. It applies to all stages within the project lifecycle.
Risk Management is the process of identifying and assessing risk in order to prioritise and develop strategies to manage them. The risks may be mitigated or may remain as residual risks.
The risks should be given a risk rating that takes into account the cost impact, the safety impact and any long term costs to the business.
To make the most of opportunities as well as managing threats to provide a framework in which risks can be controlled at each stage.