Abstract: Risk identification is a challenging process in the management of project risks. Most project managers tend to spend less time in identifying risks and more time in risk mitigation, ignoring the fact that unidentified risks cannot be mitigated. However, it is worth noting that risk identification forms the bedrock in the development of a suitable risk management plan. Once, the risk is identified proper planning process can be instituted to address it. The identification and management of risks can be a daunting task that requires the support of all project stakeholders. Moreover, the project manager does not have monopoly of knowledge and as such requires significant inputs from other stakeholders especially in identifying project risks. This paper delves into the meaning of risk, its significance and how it can be efficiently managed by the project team. In addition, it covers the techniques used to gather risk information, essence of the project risk register and categorization, analysis, response and monitoring of project risk. Considering the fact that a project is a risky venture; there is absolute need for the project manager and team to plan for it. Risks are uncertainties, that may or may not occur; but if it occurs and there is no plan to address it, can mess up the work of the project manager and thus, resulting in project failure. The planning for risks is inevitable in project management and as such should not be treated with levity. The rationale for having an effective risk management plan are thus; prevent waste of project resources, prevent the project from failing, timely delivering of the project, ability to meet client’s requirements, serves as a source of learning for future projects.
Keywords: Risk management, Risk response, Risk mitigation, Risk planning, Risk register, Risk Monitoring