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copied!<p>I've worked on small, medium and large sized projects and I can't say I've ever seen risk reviews done less than once per fortnight (every two weeks), In some cases they were performed once per month (personally twice a month would be my recommendation).</p> <p>The key to risk management is to allow enough time to pass before you re-review project risk. This gives a project manager enough time to evaluate whether contingencies and migitation are valid and to allow the team time to decide whether risks are more or less likely (probability), and whether risk mitigation techniques have lessened the impact of any recorded risks.</p> <p>You also need to allocate enough time for individuals who have been assigned ownership of one or more risks, to evaluate and report back on mitigation & contingencies. In other words, it's strength is through routine review - but enough time must pass for it to be useful.</p> <p>Edit: Obviously this isn't the sort of task which should be constrained to a rigid schedule. If it becomes necessary, you could schedule risk reviews closer together to suit the needs of the project (i.e. if necessary, move to weekly reviews and then scale back during stabilization etc). </p> <p>The important thing is not to let the work/tasks slip, or to stop reporting/raising new risks.</p> <p>Edit(2): Sorry, I missed another aspect of the question. How to handle reporting/communicating the risk to the team (and other stakeholders perhaps?) - </p> <p>At a basic level, I'd say that you need the ability to record risk items and to weigh them according to probability and estimated impact, and also to be able to assign them to various team members (ownership). Version control is critical here!</p> <p>How you do this will vary depending on the nature of your team/project etc. There are plenty of ways to track the information (a spreadsheet, for example which can be emailed to external parties), a SharePoint List etc. Someone (usually a PM) must take ownership of the process so it doesn't get forgotten!</p> <p>You might want to avoid email (IMHO) since it has a habit of not being stored or recorded correctly.</p>

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