When risk prevention is impossible or not cost effective, plan for response. Responses are either determined in advance (contingency planning) or coincident with the risk event (passive acceptance).
For most significant risks you cannot prevent, prepare contingency plans. Use your project plan development process to create a plan for recovering from each risk. Ideas include:
General: Using schedule or resource reserve, negotiating project changes
Schedule: Postponing noncritical activities, shifting staff, rescheduling work
Resources: Using overtime, outsourcing, getting staff from lower priority projects
Scope: Relaxing some specifications, reprioritizing features
For each contingency plan, identify triggers and owners. Assign an owner ...