What are the things you would recommend for the team to manage project risks?

A football team?

What project? Winning the game?

Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks

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To effectively manage project risks, I would recommend the following:

1. Identify Risks: The first step is to identify potential risks that could impact the project. This can be done through techniques like brainstorming, historical data analysis, and expert judgment. Encourage the team to think comprehensively and consider all possible risks.

2. Assess Risks: Once the risks are identified, the next step is to assess their likelihood and impact on the project. This can be done by assigning a probability and severity rating to each risk. It helps prioritize the risks based on their potential impact.

3. Plan Responses: Develop a risk response plan for each identified risk. Determine how to mitigate, transfer, accept, or avoid the risk. Assign responsibilities to team members for executing specific actions to address the risks. This plan should also include contingency measures if risks materialize.

4. Monitor and Control: Continuously monitor the identified risks throughout the project lifecycle. Regularly review the risk register and update it with new risks. Assess the effectiveness of implemented risk response plans and make adjustments as necessary. Promote open communication among team members to report any potential risks they identify.

5. Document Lessons Learned: After the project is completed, document the lessons learned regarding risk management. Analyze successes and failures in managing risks, identify areas for improvement, and share these insights with future project teams. This will contribute to enhancing risk management practices in the organization.

To implement these recommendations effectively, it is crucial to have a collaborative and proactive approach towards risk management. Regularly assess the risk landscape, encourage team members to raise concerns, and foster a culture that emphasizes learning and improvement.