i)An approved project plan in which the section with the projected risks must be clearly documented for the preparation of the document.
ii)Active risks must be recorded in the risk register in terms of date of identification, target date and closure date. Other information such as identification number, risk description, type and intensity of risks, impact of risks, action plan for dealing with risks and the current status of the risks.
iii)The risk identification numbers will make it possible for the evaluator to link the risks with the project status report, risk identification and risk impact form which will be useful for analyzing the progress of the project in terms of risks associated with it (Grinblatt, 2002).
2.Comment on the impact:
a)Successful risk mitigation strategy:
i)Acknowledgement of the particular risks and deciding a deliberate action for its acceptance without any sort of control over its operation. It needs the approval of project leader.
- ii) For reducing the intensity of the risks adjustments are made in the program. Adjustments are made in the funding process, technical requirements and activity schedules for the completion of the project.
iii)Implementation of action plans for reducing the impact of risks.
iv)Re-assigning the accountability and responsibility of the risk activities to stakeholders who are ready to take up its responsibility.
v)Continuous monitoring of the changes happened due to the impact of risk that affects the nature of the project.
b)Failed risk mitigation strategy:
Failed risk mitigation strategy needs to be reviewed and worked out on all aspects again. The corrective actions undertaken should include engaging in vigorous underwriting activities. A Careful evaluation of current policies and strategies of risk management for better implementation must be done. Proper risk aggregations in terms of geographic size, type of industry and credit exposure. All this must be done for making the policy more efficient and effective.