Risk

Projects must always include a Risk Management Approach and Risk Register. 

The Risk Management Approach describes how risks will be managed and the techniques and methods for discovering, understanding, prioritising, and dealing with risks.  This will also include risk responses, plans, and procedures.

The Risk Register includes a list of identified project risks, the likelihood of occurrence, the level of severity, and who is responsible for addressing the risk. For risks that are highly likely and severe, the project board can develop response plans.