Author(s) : Mikel Borràs (IDP), Esa Nykänen, Janne Porkka (VTT)
Risk can be defined as the combination of the probability of an event and its consequences. While uncertain occurrences may also have positive impacts, the term “risk” is usually employed to characterise the negative effects of an event on planned objectives, budget and deadlines. Risks are intrinsic to any project and shall therefore be identified, controlled and neutralized since the very early stages of a project.
The present document reports about the monitoring and control activities related to the risks, starting with those described in the initial Risks Plan (RP), included in the project proposal and the ones identified while the project advances.
The document details the approach that will be adopted through all the steps of risk identification, assessment and management. In addition, the RP outlines the processes and actions to be developed and implemented to neutralize the risks.
This monitoring procedure will support the regular review and update of the RP, hence allowing for a continuous improvement of the project supervision until its successful conclusion. The document also includes the risk management structure including roles and responsibilities over the life cycle of the project.