Behind the scenes: Prince2 Risk Health Check explained

A key aspect for the project is management of Risk. Management of Risk aims to identify risks that threaten the project and then manage them. It is not necessarily required to eliminate a risk (or all risks), that could be an disproportionate effort and could prove costly.

The project manager must be aware of the risks from the beginning of the project and not limited to one stage, but looking forward towards the end of the project. When decisions are taken they can have impact on the risks. So a risk assesment is a continous process.

Risk are introduced at any stage in the project, so good management of them is a necesity.

The Prince2 risk management cycle is divided in two steps:

1. Risk analysis
   1. Identify the risks
   2. Evaluate the risks
   3. Identify suitable responses to the risk
   4. Select
2. Risk management
   1. Plan and resource
   2. Monitor and report

 Reference to the manual: “Managing Successful Project” from OGC, the 2005 edition:

• Management of risk - Chapter 17
  • Risk management cycle - Chapter 17.3
    • Risk analysis - Chapter 17.3.1
    • Risk Management - Chapter 17.3.2

Perform a Risk health check now. It contains 17 questions. A quick and easy check, click here!

The Prince2 Health Check contains the following questions:

1. Is there a Risk Log?
2. Is it kept up-to-date?
3. Are risks to each plan identified, analysed and acted upon?
4. Are business risks identified?
5. Is a formal procedure for the management of risk in use?
6. Is risk assessment part of each End Stage Assessment?
7. Were the major risks entered in the PID?
8. Have risk owners been identified?
9. Are risks monitored on a sufficiently regular basis?
10. Is risk assessment part of each major change request assessment?
11. Were risk likelihood and impact assessed?
12. Have proactive risk actions been taken where necessary?
13. Were any needed contingency plans prepared?
14. Were all obvious risks covered?
15. Were the risks and countermeasures discussed with the Project Board?
16. Were appropriate countermeasures taken?
17. Were risks reassessed when plans were changed?

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