ABSTRACT
Risks are inevitable in every project. It is 'the chance of exposure to the consequences of future events'. The management of risk is one of the most important ongoing parts of the project board's and project manager's jobs. A risk management strategy developed during initiation, which describes how risk management is to be embedded in the various project management activities. Projects In Controlled Environments (PRINCE2) uses a risk register to record and keep track of each identified risk. The risk evaluation aims to collate all the risks and assess the net effect of all identified risks and opportunities. This will allow comparison with the project risk tolerance set by the project board and may affect the continued business justification. In the implementation step of risk management the revised version of the PRINCE2 manual uses two role names they are 'risk owner' and 'risk actionee'.
