Planning responses to risks - 1
For each significant risk
- Identify a range of practical responses
Standard risk response options include
- Tolerate: I.e. watch and wait, with a planned workaround
- Treat: I.e. Minimize by adopting alternative process steps
- Containing reduced risk probability and/or impact
- Transfer: And/or share through contract or insurance
- Terminate: Whole project if considered too risky
- Have all mitigation strategies been explored?
- Can strategies be implemented that bring the risk level within the tolerance limits?
- If not, should the project be canceled?