Exploring the role of a risk manager

Every project carries risk, whether it's a change in market conditions, evolving stakeholder expectations, or unforeseen delays. Identifying, assessing, and mitigating these risks is not just a side task for project teams — it’s a dedicated role that sits at the core of effective project governance. That role is the risk manager.

As organisations face increasing complexity, the role of the risk manager has grown in both scope and significance. In this blog, we take a closer look at what a risk manager does, the skills needed to succeed in the role, and how structured project management methodologies like PRINCE2® can support these professionals to deliver better outcomes.

What does a risk manager do?

A risk manager is responsible for overseeing the risk management process within a project, programme, or portfolio. This includes identifying potential risks, evaluating their likelihood and impact, developing mitigation strategies, and ensuring that risk controls are integrated into project planning and decision-making.

In PRINCE2 environments, the risk manager often works closely with the project manager, project board, and key stakeholders to maintain a dynamic and responsive risk strategy. Their job is not to eliminate risk altogether, but to ensure that it is understood, prioritised, and managed in line with organisational principles and protocol.

While their core focus is on threats, risk managers also look at opportunities: positive risks that can benefit the project if acted upon effectively.

Key responsibilities of a risk manager

While the specific responsibilities of a risk manager may vary between sectors and organisations, the core duties typically include:

• Risk identification: Facilitating workshops, interviews, and research to uncover potential threats and opportunities across the project lifecycle
• Risk assessment: Evaluating risks in terms of their probability, impact, and proximity to prioritise those that require action
• Mitigation planning: Collaborating with project leads to define appropriate responses to high-priority risks, such as avoidance, transfer, reduction, or acceptance
• Monitoring and reporting: Maintaining the risk register, tracking risk triggers, updating risk statuses, and providing regular reports to project governance bodies
• Embedding risk culture: Promoting awareness of risk at all levels of the project team, ensuring risk awareness is part of everyday decisions
• Escalation support: Advising on escalation thresholds and helping teams respond effectively to emerging or realised risks

In large programmes or portfolios, risk managers may also coordinate with enterprise risk functions, ensuring that project risks are aligned with broader business concerns.

Skills needed to succeed as a risk manager

Risk managers need a unique blend of analytical thinking, communication ability, and strategic insight. They must be detail-oriented enough to spot early warning signs and broad-minded enough to anticipate downstream impacts.

• A strong analytical mindset: Evaluating complex project variables, assessing potential scenarios, and determining how different risks might affect outcomes
• Attention to detail: Ensuring nothing slips through the cracks and mitigation plans are both specific and realistic
• Communication skills: Translating technical and statistical risk information into clear, actionable guidance for senior stakeholders
• Ability to influence decision-making: Gaining buy-in for risk strategies from across the project team and wider organisation
• Facilitation: Running risk identification workshops or lessons learned sessions to engage diverse stakeholders and extract meaningful insights
• Agility: Responding confidently and recalibrating plans as new challenges arise that require shifts in direction, resilience and adaptability
• Understanding of project management frameworks: Ensuring risk activities are seamlessly integrated with delivery processes, aligned with governance expectations and contribute to the success of the project

Risk manager vs project manager

While risk managers and project managers often work closely together, their roles differ in focus. The project manager is accountable for delivering the project on time, on budget, and to specification. The risk manager supports this by identifying threats to delivery and advising on actions to keep the project within acceptable risk boundaries. Think of the project manager as steering the ship and the risk manager as the navigator — constantly scanning the horizon for storms, charting safer courses, and ensuring the crew is ready to respond.

Both roles benefit from a shared understanding of governance structures and methodologies like PRINCE2, which help align risk actions with project goals.

The growing importance of risk professionals

As the pace of change accelerates, risk management is becoming more than just a support function. It’s a strategic enabler of project success. Risk managers help organisations navigate uncertainty, build resilience, and make informed decisions in a world where volatility is the norm.

Whether you’re stepping into the role for the first time or looking to grow your influence across programmes and portfolios, there’s never been a more valuable time to develop your risk management skills.

Explore our PRINCE2 training options to build your capability in structured delivery, and learn how to integrate risk thinking into every phase of the project lifecycle.