In the activity "Determine Risk Management Process" you will have identified how risks will be managed. This process is now applied to the project. We have provided generic templates and information below if you do not have a company approved process. For information on carrying out the actual risk assessment, read the extensive document below titled "Risk Assessment User Guide "
It is important to understand the level of effort required in risk assessment. It can range from a half hour review by the Project Manager for a small project, to a day long workshop - or multiple workshops in different locations - for a big project. The more people involved, the more likely you are to identify risks however this has to be balanced by the time it will take to consult widely. As a rule, if a single person, or a small group are assessing risks, ask one or two additional people to identify risks. If they cannot come up with any new risks, you have probably covered the major ones.
There are two templates. One is used to capture full details of the risk and the other (Risk Log) is a summary of all the risks recorded on the project.
Risk management does not stop with this initial assessment. Risks can surface at any time during the project and need to be addressed. In subsequent phases you will need to revisit the risk assessment and look for any new risks.