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Overall ownership of the Risk Log is likely to lie with the Executive. However, the Executive will need to ensure that the people who own the various parts of the risk process are clearly defined, documented and agreed, so that they understand their various roles, responsibilities and ultimate accountability with regard to the management of risk.
Normally the risk ‘owner’ will have the responsibility of monitoring each risk. If the owner is a Project Boardmember, the actual task of monitoring maybe delegated, but the responsibility stays with the owner. The Executive, for example, has ultimate responsibility for monitoring any risks or opportunities facing the Business Case, particularly any external ones, such as changes incompany policy.
The Project Manager has the job of keeping a watching brief over all risks and checking that the defined actions, including monitoring, are taking place and are having the desired effect. Risks owned at team level should be reported on in the Checkpoint Reports.
The Project Manager includes some form of report on any significant risks in the Highlight Report. The End Stage Report also summarises the risk status. Where a risk or opportunity actually occurs, the Project Manager will either instigate contingency action, or deal with the issue under Change Control.
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