Project Risk Management

The objective of project risk management is to protect and create value by pro-actively anticipating, understanding, prioritising, managing and communicating project risks, including threats and opportunities, to enhance decision-making and optimise outcomes. Project risk management includes risks related to strategic decision-making, execution and change.

The diagram below depicts the relationship between UNSW’s Risk Management Framework and other risk-related frameworks, including the Project Risk Management Framework.

The Project Risk Management Framework includes a number of tools to assist those involved with projects to effectively manage risks related to strategic decision-making, project execution and change.

The figure below shows the key requirements related to each of the 5 phases of project management in the Project Execution Framework. For further details see the Project Risk Management Framework Summary.

For further details see the Project Management Framework Summary.



For further information, see the Project Risk Management Framework Training or contact the Risk Team, the UPO or, for IT Projects, the IT PMO. For UPO-owned documents, see the UPO SharePoint site. For IT projects, see also the IT PMO SharePoint. For further guidance on the risk management process, see the Risk Management Guideline. For detailed guidance including prompts on identifying risks and how to write a risk description, see the Project Risk Management Guideline. See also the UNSW Risk Management website.

UPO Project Management Documents

Project risk has been integrated into the following UPO-owned documents (found on the UPO SharePoint site):

  • Project Prioritisation Framework
  • Project Execution Framework
  • Project Initiation Doc (PID; = Project Management Plan)
  • Project Guide
  • Project Governance Framework
  • Viability Paper template
  • Business Case template
  • Minor Investment Funding Request Template
  • Stage gate template
  • Change Request Process
  • Project Change Request Form
  • Business Requirements Document
  • Benefits Realisation Plan template
  • Change Impact Assessment Guide
  • Project Assurance Framework
  • Project Manager how to status reporting
  • Governance Roles & Responsibilities
  • Governance Committee Cover note & Guidelines
  • Clarity Quick Reference Guide
  • Post Investment Review Framework
  • Post-Investment Review template
  • PIR Quick Ref Guide
  • Project Manager Checklist
Related Risk Management Documents