The Risk Management Strategy is derived

<Insert Project Name> Created/updated 13/08/22
PRINCE2™- Risk Management Strategy
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© Crown copyright 2009.
PRINCE2™ is a Trade Mark of the Office of Government Commerce
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Risk Management Strategy Created/updated 13/08/22
<Insert Project Name>
Overview
Purpose A Risk Management Strategy describes the specific risk management
techniques and standards to be applied and the responsibilities for
achieving an effective risk management procedure.
Contents The Risk Management Strategy should cover the following topics.
Introduction...............................................................................................................3
Risk Management Procedure...................................................................................3
Tools and Techniques...............................................................................................3
Records..................................................................................................................... 4
Reporting................................................................................................................... 4
Timing of Risk Management Activities....................................................................4
Roles and Responsibilities........................................................................................4
Scales.......................................................................................................................5
Proximity................................................................................................................... 5
Risk Categories.........................................................................................................5
Risk Response Categories.......................................................................................5
Early-warning Indicators.........................................................................................5
Risk Tolerance..........................................................................................................6
Risk Budget..............................................................................................................6
Advice The Risk Management Strategy is derived from the: Project Brief; Business
Case; The corporate or programme management’s risk management guide,
strategy or policy.
A Risk Management Strategy can take a number of formats, including: Stand-
alone document or a section in the Project Initiation Document; Entry in a
project management tool.
The following quality criteria should be observed:
 Responsibilities are clear and understood by both customer and supplier
 The risk management procedure is clearly documented and can be
understood by all parties
 Scales, expected value and proximity definitions are clear and
unambiguous
 The chosen scales are appropriate for the level of control required
 Risk reporting requirements are fully defined.
© Crown copyright 2009.
PRINCE2™ is a Trade Mark of the Office of Government Commerce
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