Risk Appetite and Tolerance Discussion Guide
Agree how much risk is acceptable.
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Prepare a risk appetite conversation with a sponsor. Project and its objectives: [PROJECT_AND_OBJECTIVES]. Types of risk (schedule, cost, quality, reputation, safety, compliance): [RISK_TYPES]. Past project experiences: [PAST_EXPERIENCE].
Produce: an explanation of appetite versus tolerance in plain terms; a questionnaire of 10 questions for the sponsor ("How many weeks of delay would you accept before wanting to be informed? Before wanting to stop?"); a table: Risk type | Appetite (low, medium, high) | Tolerance threshold (measurable) | Escalation trigger | Who decides; and examples of thresholds (cost overrun above 10 percent requires sponsor approval, any safety issue is zero tolerance).
Add a scoring scale for probability and impact tied to those thresholds, a one-page summary the sponsor can sign, and a plan to review thresholds at each phase. Include cautions: different stakeholders hold different appetites, so record differences.
Add a worked example showing how one threshold, such as a 10 percent cost overrun, translates into a specific action by role (project manager informs, sponsor approves), and a record of the sponsor's answers.
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