Applying appropriate Risk Management procedures is very important in order to manage a project successfully. Risk Management procedure covers Risk Identification, Risk Assessment, Risk Responses Planning and Risk Responses Implementation. One of the key failures of managing risksin real project life is the fact that is no actual implementation of risk responses.
Risk Responses Plan contains one or more responses for the selected risks.Planed Responses should help us to minimize risk impact, decrease probability of a risk occurring/exposure or in special cases the risk response should resolve the potential risk.Risk management and the prepared response plan without a risk response implementation is simply useless. The excellently prepared response plan (in any forms and formats) without the following action is just another worthless paper or part of a project management documentation.
Project Managers have to be focused on proactive management, what means to delegate responsibility to successfully implement risk responses to project team members or another person external to the project and monitor risk response implementation. The trend in project management is currently highlighting the importance of the risk response implementation.
My recommendation is that it is better to spend less time to risk identification and risk assessment to allow more time for risk response implementation. This approach is not of course recommended only for the project planning as we know that the risk management is a continuous procedure throughout the project life cycle.