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What is Risk Management?
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Photo - Guiding PrinciplesGuiding Principles

The Risk Management Process is based on several important principles:

  • Involving Key Groups and Individuals

    These groups and individuals should be identified and involved during the entire process. The project team may be changed throughout the process to include members of these groups, if it will help deal with the particular issue being addressed.
  • Communication

    The project team should develop an open and trustful dialogue with groups and individuals who may be affected or involved with the risk. Open communication is needed throughout the decision-making process in order to:
    • acquire useful information
    • build awareness of the particular risk and gain support for the process
    • facilitate consultation
    • evaluate how the people involved or affected accept risks
    • serve as a part of the monitoring and review mechanism.
  • Documentation

    Thorough and careful records should be taken of important meetings and information sources. This should be stored in a “risk information library”, so it can easily be retrieved in the future. The "risk information library" can be a simple binder of information. Having good records will help to:
    • ensure consistency
    • promote accountability and transparency
    • develop records for future reference.
  • Use of Existing Resources

    The project team should make maximum use of existing resources, such as community data, local knowledge and technical expertise. Determine if there are any previously documented experiences.
  • Public Education and Awareness

    Public education and awareness is important for successfully implementing a larger risk management process. It helps to ensure stakeholder support for its results.



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