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Last edited 26 Apr 2021
Record of performance risk
It goes on to state:
The record of performance risk logs all potential risks that could negatively impact on the project’s performance outcomes and assigns a probability of occurrence. This clarity can help to formulate risk resolution strategies and pave the way for limiting under performance or non-compliance.
In producing the record, performance risks must first be identified, then subsequently analysed for their probability. This process allows performance risks to be prioritised and mitigating actions put in place to limit those with greatest potential impact first.
The last but crucial element of the record of performance risk is allocating an owner to each of the identified risks. The owner is also responsible for the associated risk mitigation and resolution plan.
It suggests that the record of performance risk should be a live document that is regularly reviewed and updated.
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