Practical Project Risk Management, Third Edition, 3rd Edition

4

Start at the Beginning (Initiation)

Everyone recognizes that risks must be managed and that managing risks requires development and implementation of appropriate responses . Determining the appropriate type of response is not possible without first assessing and/or analyzing the characteristics and significance of a risk—of course, this assumes that risks have actually been identified. This logical chain of reasoning forms the basis for the core steps in the ATOM risk management process (see Figure 3-1), namely Identification, Assessment, Response Planning, Reporting, Review, and Implementation.

It seems obvious that the first task in a risk management process is to identify the risks, and until recently the first step in most risk management ...