Provide a useful tool for managing and reducing the risks identified before and during the project; Document risk mitigation strategies being pursued in response to the identified risks and their...

 Provide a useful tool for managing and reducing the risks identified before and during the project;
Document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of likelihood and seriousness;
Provide the Project Sponsor, Steering Committee/senior management with a documented framework from which risk status can be reported;
Ensure the communication of risk management issues to key stakeholders;
Provide a mechanism for seeking and acting on feedback to encourage the involvement of the key stakeholders; and
Identify the mitigation actions required for implementation of the risk management plan and associated costings