A risk management approach describes how risk will be managed on the project. This includes the specific processes, procedures, techniques, standards and responsibilities to be applied.
The following quality criteria apply to the risk management approach:
- Responsibilities are clear and understood by both customer and supplier.
- The risk management procedure is clearly documented and can be understood by all parties.
- Scales, expected value and proximity definitions are clear and unambiguous.
- The chosen scales are appropriate for the level of control required.
- Risk reporting requirements are fully defined.