Which of the following statements is False regarding the Risk Management Strategy?

The Risk Management Strategy is a management product that defines the project's overall approach to managing risk. It outlines the procedures, tools, techniques, roles, responsibilities, and risk tolerances for the project. It does not, however, serve as the repository for individual identified risks. The capturing and maintaining of information on specific threats and opportunities is the function of the Risk Register, which is a separate, dynamic log used throughout the project's lifecycle.

B: The Risk Management Strategy is the correct document to record the project's risk tolerance, as agreed by the Project Board.

C: This is the primary purpose of the Risk Management Strategy; it describes the specific procedures and standards for managing risk on the project.

D: A key component of the Risk Management Strategy is to define the roles and responsibilities for risk management activities.

1. AXELOS. (2017). Managing Successful Projects with PRINCE2® 2017 Edition. The Stationery Office Ltd.

Appendix A

Section A.23.1 (Purpose of Risk Management Strategy): States the purpose is "to describe the specific risk management techniques and standards to be applied... and the responsibilities for achieving an effective risk management procedure." This supports that C and D are correct functions.

Appendix A

Section A.23.2 (Composition of Risk Management Strategy): Lists "Risk tolerance" and "Roles and responsibilities" as key components

confirming B and D are correct.

Appendix A

Section A.24.1 (Purpose of Risk Register): Explicitly states the Risk Register's purpose is "to provide a record of identified risks... It is used to capture and maintain information on all of the identified threats and opportunities relating to the project." This directly confirms that statement A describes the Risk Register

not the Risk Management Strategy.