The shortcomings of current project risk management processes, tools and techniques, are identified and the case for the application of knowledge management philosophies and techniques to project risk management is made. A common language for describing risks based on a hierarchical-risk breakdown structure has been developed and it provides the basis for developing a sharable knowledge-driven approach to risk management. This uses a number of taxons and constructs to define generic risk terms which can then be stored in a risk catalogue. A similar scheme is used to develop an action catalogue for risk mitigation measures. These have been implemented in a database management system to act as a knowledge repository. A prototype system being developed to support the risk management framework is briefly discussed. It is hoped that the approach will facilitate effective risk handling, whilst allowing all project participants to develop a shared understanding of project risks resulting in improved performance.

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