The standard for project management

Risk Management Plan.

 A component of the project, program, or portfolio management plan that describes how risk 

management activities will be structured and performed.

Risk Mitigation.

 A risk response strategy whereby the project team acts to decrease the probability of occurrence or 

impact of a threat.

Risk Owner. 

The person responsible for monitoring the risks and for selecting and implementing an appropriate risk 

response strategy.

Risk Register. 

A repository in which outputs of risk management processes are recorded.

Risk Report. 

A project document developed progressively throughout the Project Risk Management processes, which 

summarizes information on individual project risks and the level of overall project risk.

Risk Review. 

A meeting to examine and document the effectiveness of risk responses in dealing with overall project 

risk and with identified individual project risks.

Risk Sharing. 

A risk response strategy whereby the project team allocates ownership of an opportunity to a third party 

who is best able to capture the benefit of that opportunity.