Once a Risk has been identified the PM should seek the support of appropriate people, stakeholders, project board members in order to ascertain what the probability (the likelihood of the event occurring) and impact (effect of the event on the project’s objectives) of the event will be for the project. This includes an impact analysis which takes into consideration all the objectives that might suffer from the occurrence of a risk, paying particular attention to the impact the risk will have on the Business Case and the Plans.
Furthermore the PM should also consider the Proximity value of the risk expressed in temporal terms from the moment the event is identified until the moment in which it will no longer have an impact on the project’s objectives and/or benefits (typical proximity categories would be “imminent” “short term” “ long term” “post project).
Albeit a PM responsibility, Risk Assessment is performed by the PM in collaboration with the relevant stakeholders who might be called to make decisions regarding plans to respond to risks or who might have the authority to decide what king of priority risks with a specific strategic, political, socio-economical