A Risk Owner must be assigned to each risk. The Risk Owner for each specific risk is responsible for identifying and executing all parts of the Risk Management Plan related to that risk. It is the Project Manager’s responsibility to regularly review the risk with the Risk Owner and update the plan with new information. The Project Manager should also make suggestions and act as a “sounding board” to assist the Risk Owner.

Here are some questions to ask the Risk Owner:

• Probability/Impact/Exposure – Have the mitigation plans reduced the probability and or impact? Have other conditions changed that have raised or lowered the probability and or impact?
• Trigger – Has the Risk Owner assigned someone to monitor the risk trigger? Is the method of monitoring adequate? Will the risk be detected in time to react?
• Mitigation Plans – Are these plans still adequate? Has the Risk Owner started execution of some or all of these plans? Are there additional plans that can be added?
• Contingency Plans – Are these plans still adequate? Are there additional plans that can be added?

It is important that the Risk Owner understands their role. Some may assume the Project Manager is taking care of it for them. Make sure the roles and responsibilities are clear to all parties.