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FFWD PM Project Master File – Issues & Risks Summary
8. Issues & Risks Summary
This simple template records the top 3 Issues and Risks and can be used for high level reporting. This template will be supplemented by Issue and Risk registers, and management of such needs to be reviewed and managed systematically. It is essential that Issues and Risks are identified and actions identified and managed as part of the Project Control responsibilities. Firstly we must be very clear on our understanding of, and the difference between, an Issue and a Risk:
An Issue is something that has occurred and needs to be addressed - its probability is certain, its there, its occurred and we can therefore readily address the problem it will have a negative impact on the achievement of project objectives if not addressed.
Risk is an uncertain event or set of circumstances that could have a negative impact on the achievement of the project objectives. It has not occurred but if it does it will hinder or even stop the project from progressing.
Every Issue and Risk must have an owner, an identified action and a date for completion, we must avoid having Issue and Risk registers managed outside of the Project plan and other control mechanisms, identified actions should therefore be built into the plan. The level of Risk management applied will be dependant on the size and complexity of the project and in some circumstances use of Risk specialists will be required.
The word Mitigate is a term often used with Risk management which means: 'To lessen or to try to lessen the seriousness or extent of'
