The team structuring of risk management is dependent on the risk, resources, and time restraints on the project.

As mentioned by jb678, the amount of risk involved in a project will determine the need for a separate risk management team. Risk management is a science, and so for a project with high risk, a specialized team in risk management would be required to ensure the safety of the project. With all the planning work the project team must complete, they could overlook critical risk factors involved in the project that a specialized team wouldn’t.

Smaller companies might be limited in their resources to create a separate risk management team. Larger companies will have the resources to hire a highly specialized risk management team; however in some cases they may still prefer not to. A company who values greater team integration of all aspects of the project, a project team would be integrated with the risk management team. This reduces the chances of information getting lost in communication, but may not be as efficient. Also, a lot of planning goes into the project before a Risk Management Plan can be created, i.e., schedule, project costs, performance metrics. Given this, it might be more reasonable to allow the project team that gathers these inputs to work directly on the Risk Management Plan.