Risk management is a continuous process which involves all project members throughout the project life-cycle. The project must always focus upon identified project risks and opportunities and continuously try to identify new risks and opportunities.

The key elements of the risk management process include risk identification, risk assessment, response action and monitoring risks and actions.

Important tasks and actions
It is important to include potential project opportunities in the risk management process. Project opportunities have to be analysed and monitored in the same way as project risks.

Risk responsible will normally be the project manager, but for large projects this task could be given to a risk manager. Risk manager’s primary objective is to understand and manage threats and potential opportunities facing the project.

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