How to Put Together an Effective and Flexible Risk Response Strategy

Creating a comprehensive risk response strategy during the planning phase of a project is essential. The first step is identifying risks through the joint brainstorming of the project team, stakeholders, and the PM. The next step involves analyzing and ranking risks based on their likelihood and impact on the project. The risk response process involves five strategies laid out in the PMBOK, including Escalate, Mitigate, Transfer, Avoid, and Accept. It is important to keep a risk register document that can be altered as the project progresses.