ABSTRACT
Risk management is the process of identifying, assessing and responding to risks that may compromise the projects' performance or outcome. Identifying risks involves describing possible events that may compromise the project's overall performance or results should they materialise. Assessing risks is the process of identifying the probability of the threat materialising and determining its impact in such an event. Project Risks representing threats that may impact the time, cost or specifications of the project output. Process Risk representing threats that may compromise the efficiency with which the project output is utilised. Strategic Risk is characterised by internal or external events that may compromise the benefits that will be achieved through the deliverables. Elimination where the risk is unacceptable, we must act to remove it; this might involve providing users with comprehensive training on our product prior to its release. Sharing or transferring a risk was introduced within the Managing Successful Programmes (MSP) methodology of the Office of Government.
