A mitigation strategy comprising of Preventative and Contingent actions can be created against a risk only after the original risk has been created and saved. This applies to both Project and Portfolio risks.
This topic applies to v3.2 onwards
A project’s mitigating strategy comprises of:
Preventative Actions – those actions which are put in place to lessen the likelihood of a risk occurring.
Contingent Actions – those actions which will be implemented in the event of the risk event being triggered i.e. what can be done to limit the damage.
To create a Preventative or Contingent Action:
- In the Mitigation Strategy section of the Risk Detail screen, click on the new action link under the type of action that you want to create.
- In the Create Mitigating Action screen, enter the description of the action, then click Save.
- The new action will be displayed in ascending order of creation date in the Mitigation Action Section.
Initial and Residual Risks
After a risk is created and Preventative mitigating actions take effect, the likelihood of the risk may lessen and reduce the overall risk score (the residual risk). Each time the risk score is amended, the change is recorded in the Risk History so that the effect of the mitigating strategy can be tracked.
The likelihood and consequence scores, as well as the total risk initial and residual scores, are summarised on the Risk Detail Screen for comparison.
To resolve or re-activate a risk
- Resolve: Risks which have a risk score of 0 are deemed to be resolved and require a resolution date to be entered (and vice versa). Note that the risk status has to be changed manually as a resolved risk doesn't necessarily mean the risk is closed - it may be on hold or cancelled.
- Re-activate: In the event that the risk has to be re-activated, click on the re-activate link (at the top right of the Risk Details screen). This will reset the status to Active, remove the resolution date and reset the risk score to the value it had when it was resolved. (Note that if the resolution date is removed and new risk scores are entered manually, then the risk will automatically be activated. The status will also need to be changed manually.)
