Risks, Issues, Change Requests, and Action Items › About Risk Management

About Risk Management

The process of risk management includes identifying, analysis, planning, tracking, and communicating risk. Making informed decisions by consciously assessing potential problems and the severity of their impact is at the heart of project risk management.

You can identify risks at any time during a project lifecycle. When you identify a significant risk that appears likely to affect the project in an important way, you can escalate it to an issue. Change requests result from risk and issue identification, and can help facilitate effective resolutions.

Risk management consists of the following components:

• Risk Rating. Rate predefined risk factors by severity level.
• Risks. Create, assign, and track risks, and design response strategies for them.
• Issues. Create, assign, and track issues.
• Change Requests. Create, assign, and track change requests.

You can do the following for each risk, issue, and change request:

• Create an audit trail to track progress.
• Create processes.

More information:

How to Work with Risks