Risk Management Essay

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Table of Contents 1 Executive Summary................................................................................................................ 1 1.1 Purpose............................................................................................................................ 2 2 Risk Management Strategy..................................................................................................... 2 2.1 Risk Identification........................................................................................................... 2 2.2 Risk Responsibilities....................................................................................................... 4 2.3 Risk Assessment ............................................................................................................. 4 2.4 Risk Response................................................................................................................. 6 2.5 Risk Mitigation ............................................................................................................... 6 2.6 Risk Contingency Planning............................................................................................. 7 2.7 Tracking and Reporting .................................................................................................. 8 2.8 Processes to Address Immediate Unforeseen Risks ....................................................... 8 1 Executive Summary Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. A risk may have one or more causes and, if it occurs, one or more impacts. For example, a cause may be requiring an environmental permit to do work, or having limited personnel assigned to design the project. The risk event is that the permitting agency may

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