Process 3.2 -

Where you are ::

Description ::

Risks abound in every project. Managing risk is a core component of any organization. Management of Risk (MoR), a framework developed by AXELOS (2010 edition, still the current version), details out how to manage risk across the organization. The framework focuses on four areas (perspectives) when it comes to risk management and prescribes a eight step risk management process. The following is a summary of the four perspectives and the eight step process.

Strategic – Risks that affect long-term goals, vision, and corporate governance.
Programme – Risks impacting coordinated initiatives or portfolios of projects.
Project – Risks specific to individual projects, such as scope, cost, or schedule.
Operational – Day-to-day risks in business processes, service delivery, and operations.

Likewise opportunities abound in every project. Every challenge can be viewed as an opportunity. Many tools exists concerning opportunity assessment and evaluation from PESTEL analysis, Industry Five Forces to SWOT analysis. Below are few additional tools not quite as popular but equally effective tools, particularly well suited to our context.

Opportunity Analysis Canvas (used in lean startup circles) – A structured one-pager covering customer, problem, solution, market size, and competition.
RICE Scoring (Reach, Impact, Confidence, Effort) – Common in product management for prioritizing which opportunities/features to pursue.
ICE Scoring (Impact, Confidence, Ease) – A lighter-weight cousin of RICE, popular for quick prioritization.

(Anthropic Claude, 2026)

References

Microsoft Copilot. (2026). AI companion by Microsoft. Retrieved September 4, 2026, from https://copilot.microsoft.com
Anthropic. (2026). Claude (Sonnet 5) [Large language model]. https://claude.ai

Value ::

Risk management is an essential part of every project. Risk management ensures that last minute knee jerk reactions are avoided leading to escalation in project cost and schedule. This sub module primarily focuses on project related risks and as such incorporates strategic, programme as well as project risks. Operational risks refer to day to day risks and hence not part of project risk. The precursor to this step is sub module 3.1.

Objectives ::

To identify and assess project related risks
To craft mitigation plans for high priority and high impact risks

Methodology::

Templates ::
Template 3.1.1.1 Risk Identification Template	Template 3.1.1.2 Risk Assessment Template
Template 3.1.1.3 Risk Mitigation Template