MANAGEMENT

Detailed explanation-1: -The project manager is responsible for overseeing the risk management process and ensuring that potential risks are identified and dealt with in a timely manner. However, all members of the project team should be aware of the potential for project risk and be prepared to take action if necessary.

Detailed explanation-2: -For projects belonging to a program or portfolio of projects, the project manager ensures the escalation of critical risks to the appropriate level.

Detailed explanation-3: -A Project Manager’s role is to manage risk within their projects in a systematic manner. By doing so they are required to ensure threats have a reduced effect on the project outcome, whilst at the same time improving the likelihood of gaining from certain opportunities along the project life cycle.

Detailed explanation-4: -The Management Group, consisting of the President (Chair) and those responsible for the various business areas, bears the responsibility for implementing risk management, monitoring operational risks and measures related to risks.