ABSTRACT
The purpose of this paper is to offer guidance to organisations who wish to establish formal risk management for project based activities. Establishing a formal risk management policy (FRMP) can be regarded as a project in its own right with its own attendant risks which ought to be managed in the same way as risks associated with any project. An eight stage characterisation of the project life cycle provides a useful framework for identifying key aspects of establishing a FRMP and accompanying risks which need to be managed.
