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Indy Risk School
Risk Reduction or Containment
In many cases, during the risk assessment process, the project manager and the team will be able to identify strategies to minimize or eliminate the risk factor. For example, if the team is perceived have a High risk because of lack of experience in the development platform, the recruiting of experts or hiring a contractor can control the risk. All high risk factors that cannot be constrained or eliminated during the risk assessment sessions should have a Risk Memorandum developed for them. This should document the risk factor, the impact of the risk on the project, what actions can the Steering Committee and project sponsor take to assist in reducing the risk and, for high impact risks, a contingency plan. Figure 6 shows a sample form for this purpose.