By Thomas Hoffman 

May 22, 2006 (Computerworld) -- Here are some tips on project risk management from IT executives and consultants:

• Before launching a project, ask the project manager to identify the top five risks associated with it. Be sure to consider both technical and business or process risks. Then decide what steps to take to respond to those risks.
• Don't overengineer risk assessment. Take a quick look at the risks involved in a project and decide whether they exceed the company's risk tolerance.

• Decide who will be responsible for risk management.

• Don't confuse risk management with problem management.

• Make sure risk criteria are regularly reviewed as the project progresses.

• Conduct a postproject evaluation to determine whether risks were managed and mitigated and to identify lessons to apply to future projects.