Once a decision is made to resolve a risk, the project manager typically assigns the risk's owner to develop a response strategy. You can use the Risk Response Strategy feature to document the strategies, actions, goals, schedule dates, tracking requirements, and other supporting information needed to reduce risk probability and impact.
Generally speaking, you will want to create a risk response strategy when you select a Response Type of Mitigate on the Risk Properties: Main page, though you can create a response strategy at other times, too. The risk Response Type indicates whether you want to watch, accept, transfer, or mitigate a risk. In some cases, you may decide to accept the risk's exposure and not pursue the risk.
The following list provides detailed definition of response type options.
Use this type when you do not want to take action to respond to a risk. This type is typically assigned for any risk whose calculated risk score is low. In other words, though risk probability or impact is not sufficient to warrant action, you still want to keep the risk open and monitor it.
Use this type when the risk exposure is accepted, and in some cases, there is no intent to pursue the risk.
Use this type when you want to transfer the risk to a different project. Once transferred, the risk can be closed for the current project.
Use type when you want to apply a risk response strategy to resolve the risk.
Note: Regardless of who owns the risk, individual response strategies can be assigned to different resources, and each response strategy can have its own due date. These dates and names can be used with processes to send notifications and reminders to risk owners.
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