ABSTRACT
The ongoing management of risk should be based around a documented process. This is so that everyone in the team knows what is expected of him or her in terms of risk identification, assessment, response, reporting, analysis and control. The role of the risk owner is to ensure that a risk is properly assessed and responded. It is a transient role and can be undertaken by any member of the project team. The risk owners should have a responsibility to ensure that actions are specified for the risks they own. The appointment of an experienced risk manager ensures that risk is taken seriously and that it has a professional focus. A project administrator is an ideal person to manage the risk register. If there is no risk manager appointed, the project manager would take on some of the responsibilities of the risk manager role. The project sponsor and board have a key role to play in the management of risk.
