When to Do Risk Management

Risk management must be done during the whole life of the project. In the beginning of the conceptual stage of the project, risks are identified almost without effort as the different aspects of the project are discussed. It is important that when these risks are thought of that they be recorded in a risk management file or folder so that they can be dealt with later in the project.

As time goes by and progress is made on the project, the risks need to be reviewed, and the identification process must be repeated for the discovery of new risks. This must be an ongoing, continuous process. Risks that are identified early in the project may change as time goes by. As the project advances, some risks disappear. Other risks that were not thought of earlier will be discovered. As the possibility of each risk approaches, it needs to be reevaluated to ensure that the assessment of the risk made earlier is still valid.



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