ABSTRACT
Understanding the capacity, cost, probability, schedule, expertise and commitment of adequately responding to risks is one of the routes to successful risk management. The persons most suited to recommend response actions are the risk owners. Their expertise can ensure that the most appropriate actions are devised with the most appropriate persons allocated to carry them out. Contingency plans are often specified alongside other response actions. Responding to risk is time-consuming. The problem for risk management is that, in responding to risk, actions are often being decided against assumptions. So a validation needs to be made against the data being presented before an action is agreed. Day-to-day administrative management of response actions is often vested in the Project Office. This would comprise checking due dates and chasing action owners for responses, recording progress and ensuring that the status of risks is generally maintained.
