Using the project you have once outlined:

• Assessimpact and probability for each risk.
• For those risks that have a risk exposure of greater than 60,determinea strategy and response. Remember, if a strategy can be implemented immediately, the project should be changed rather than wait for the risk to be realized; therefore, each response should be based on the realization of the risk at the time of execution.
• Determinehow risks will be communicated. Include information on how the communication will be documented.
• Evaluatethe timing, type, and audience of those communications.
• Assesswho will make final decisions about risk responses.