Minimum Requirements for Applying the Risk Theme

A.

The risk management approach is a key component of the risk theme in project management. It outlines the overall strategy for identifying, assessing, and responding to risks that may impact a project's success. As such, it is essential to include specific details in the risk management approach to ensure that the risks are effectively managed.

At a minimum, the risk management approach should include the following:

A. A description of the risk management procedure: This should provide a clear and concise explanation of the steps involved in the risk management process, including the identification, assessment, and response planning. It should also outline the roles and responsibilities of the team members involved in the process.

B. An explanation of the company's risk appetite: This should detail the level of risk that the company is willing to accept to achieve its objectives. It is essential to understand the company's risk appetite to ensure that risks are managed within acceptable limits.

C. The names of the assigned actionees for each risk: This involves identifying the individuals responsible for taking specific actions in response to identified risks. This should be clearly documented in the risk management approach to ensure that everyone knows their roles and responsibilities.

D. Estimations of the likelihood and impact of risks: This involves assessing the probability of each identified risk occurring and the potential impact on the project if it does occur. This helps in prioritizing and focusing on the most critical risks and developing appropriate risk response plans.

In summary, the risk management approach should include a detailed description of the risk management procedure, the company's risk appetite, the names of the assigned actionees, and estimations of the likelihood and impact of risks.