PRINCE2 2009 - Risk part 9
of the Cabinet Office under delegated authority from the Controller of HMSO.
The PRINCE2 approach
© Crown copyright 2005 Reproduced under licence from OGC
Risk management procedure
PRINCE2® recommends a risk management procedure comprising the following five steps:
- Identify (context and risks)
- Assess (i.e. Estimate and Evaluate)
- Plan
- Implement
- Communicate.
The first four steps are sequential, with the ‘Communicate’ step running in parallel because the findings of any of the other steps may need to be communicated prior to the completion of the overall process.
All of the steps are iterative in nature in that when additional information becomes available, it is often necessary to revisit earlier steps and carry them out again to achieve the most effective result.
The diagram shows the elements of the risk management procedure, which are described in sections covering:
‘Identify’
‘Assess’
‘Plan’
‘Implement’
‘Communicate’
Risk management is a large area and is covered in depth in ‘The Complete Risk Management package’.
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