---

name: risk-management description: Master risk management with identification, analysis, mitigation strategies, and monitoring techniques for proactive project risk handling.

Risk Management

Identify, analyze, and mitigate project risks using systematic approaches to minimize threats and maximize opportunities.

When to Use This Skill

• Project initiation
• Risk planning
• Identifying threats
• Analyzing impact
• Planning mitigation
• Monitoring risks
• Contingency planning
• Issue escalation

Core Concepts

1. Risk Register

Copy| ID | Risk | Probability | Impact | Score | Response | Owner |
|----|------|------------|--------|-------|----------|-------|
| R01 | Key resource leaves | Medium | High | 15 | Cross-train, document | PM |
| R02 | API delays | High | Medium | 12 | Parallel dev, mock data | Tech Lead |
| R03 | Scope creep | High | High | 20 | Change control, stakeholder mgmt | PM |
| R04 | Budget overrun | Low | High | 10 | Weekly tracking, alerts | PM |

Probability: Low(1), Medium(2), High(3)
Impact: Low(1-3), Medium(4-6), High(7-9)
Score: Probability × Impact

2. Risk Response Strategies

Threats:

• Avoid: Eliminate the risk
• Mitigate: Reduce probability or impact
• Transfer: Insurance, outsourcing
• Accept: Acknowledge and monitor

Opportunities:

• Exploit: Ensure opportunity occurs
• Enhance: Increase probability or impact
• Share: Partner to realize opportunity
• Accept: Take advantage if it occurs

Best Practices

1. Identify early - Proactive risk identification
2. Quantify impact - Probability and consequence
3. Prioritize - Focus on high-impact risks
4. Plan responses - Specific mitigation actions
5. Assign owners - Clear responsibility
6. Monitor regularly - Weekly risk reviews
7. Update register - Living document
8. Learn - Capture lessons learned

Resources

• Risk Management Professional (PMI-RMP)
• Risk Management Body of Knowledge