It deserves mentioning that Formal Risk Management is tasked with some essential tasks if it is needed to help – it must identify risks and has to come up with strategies to guard against these risks. Additionally, to execute these strategies, and to motivate all stake holders in the project to cooperate in these strategies, it has to implement a corresponding Risk Management Plan.
It goes without saying that in the larger scaled projects we generally and naturally face more risks, so our risk management strategies also need to be more sophisticated and geared up to the task. Similarly, the risk management process ( the people who execute it ) is responsible for assessing each risk and determining which of them are critical for the project. The critical risks would then be those that can possible have a negative impact on the project and would then be prioritized.
Essentially, the whole goal of risk management in a project is to make sure that the stakeholders only take the risks that will help the project achieve its primary objectives while keeping all other risks under control and keeping their options open and B-Plans ready should those pass from probability phase to reality phase.