What is this?
The Risk Management Strategy is an important part of the PID that defines how uncertainty will be handled on a project. It describes the specific risk management techniques and standards to be applied and the responsibilities for achieving an effective risk management procedure.
Why it’s useful?
This is a FREE template as defined by the PRINCE2 Project Management methodology.
Whilst you can find this template in Appendix A of an official PRINCE2 manual, of course you may not have purchased a manual, or you may just prefer to have an electronic version of it.
How to use it?
This is a ‘vanilla’ template that accompanies the PRINCE2 methodology and is used as the basis for PRINCE2 exams.
Whilst you can use it in its vanilla format we recommend that you think about tailoring it (as suggested by the method itself) bearing in mind the following:
- Industry / organizational specific terminology
- Size / complexity of project
- If the project is part of a programme
- Any existing templates in your organization
The Risk Management Strategy is created by the Project Manager during the Initiating a Project process. It is signed off by the Project Board (as part of the PID) and may be updated during Managing a Stage Boundary process, in which case the Project Board would need to re-approve it.