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The two input items for risk response planning are the risk register and the risk management plan.

Risk register - The risk register contains the results from risk identification, qualitative risk analysis, and quantitative risk analysis. The following elements of the risk register are especially useful for risk response planning:

• List of identified risks

• Root causes of risks

• Prioritized list of risks

• List of risks that need immediate attention

• Trends in analysis results

Risk management plan - The elements of the risk management plan that can be useful for risk response planning include:

• Organizations' and stakeholders' thresholds for low, moderate, and high risks to sort out those risks for which response is needed.

• Roles and responsibilities that specify the positions and functions for each position involved in risk management. These roles are assigned to members of the risk management team, which might include members from inside or outside the project team.

• Timing and a schedule that specifies how often the risk management processes will be performed and which risk management activities will be included in the project schedule.

Because there is a wide spectrum of risks that can occur, there are a multitude of tools and techniques available to plan responses for these risks.

The options to treat/manage a particular risk are:

  • Avoid - The risk is avoided by changing the project in someway to bypass the risk.
  • Transfer - Some or all of the risk is transferred to a third party for example insurance.
  • Reduce - Action is taken to reduce either the likelihood of the risk occurring or the impact that it will have.
  • Accept - The risk may be accepted perhaps because there is a low impact or likelihood. A contingency plan will be identified should it occur.
  • Contingency - Here a plan is put in place to respond if the risk is realised.
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