RT Risk Management process

Risks are to be identified, evaluated, documented and appropriately managed. A risk

register is to be maintained.
Evaluation of risks is undertaken by assessing the likelihood and consequence of the
risk to determine the risk class from Class I (lowest) to Class IV (highest).

Class III and IV risks require active management. No action is required for Class I
and II risks, but they should be periodically monitored for any changes.

1
 Evaluation scheme Project Level
Likelihood assessment:
Rare Unlikely Possible Likely Almost Certain

Probability of single events 5% 20% 50% 80% 95%

Consequence assessment:
Consider the extent of the impact if the risk were to occur. More than one consequence type could be
applicable. In this case, assess using each applicable type and select the highest consequence.