ABSTRACT
It is possible, of course, to manage a project without any form of risk management, but this itself carries a degree of risk. Risks, issues and changes are often termed project exceptions, in that they are exceptional events during a project's lifespan. Understanding the risk-issue-change pathway is vital for developing a risk-thinking attitude. Essential activities at project start-up are the establishment of a formal risk management process, to which all parties agree to subscribe, plus a start-up risk workshop. This latter activity rechecks the validity of the risks transferred from the pre-contract stage. At project completion it is important to analyse the risks that were encountered and debate whether these were handled in the most appropriate and efficient way. At a programme level, risk management additionally includes the risk of benefits achievement. A risk-thinking team brings benefits not only to a project but to the business as a whole.
