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Risk Management
Risk Management
Level 3
Category: Project and Work Management
The purpose of Risk Management (RSKM) is to identify potential problems before they occur so that risk handling activities can be planned and invoked as needed across the life of the product or work to mitigate adverse impacts on achieving objectives.
The purpose of Risk Management (RSKM) is to identify potential problems before they occur so that risk handling activities can be planned and invoked as needed across the life of the product or work to mitigate adverse impacts on achieving objectives.
SG 1 Prepare for Risk Management
SP 1.1 Determine Risk Sources and Categories
SP 1.2 Define Risk Parameters
SP 1.3 Establish a Risk Management Strategy
SG 2 Identify and Analyze Risks
SP 2.1 Identify Risks
SP 2.2 Evaluate, Categorize, and Prioritize Risks
SG 3 Mitigate Risks
SP 3.1 Develop Risk Mitigation Plans
SP 3.2 Implement Risk Mitigation Plans
SG 1 Prepare for Risk Management
SG 1 Prepare for Risk Management
Preparation for risk management is conducted.
Preparation for risk management is conducted.
SP 1.1 Determine Risk Sources and Categories
SP 1.1 Determine Risk Sources and Categories
Determine risk sources and categories.
Determine risk sources and categories.
Example Work Products
Example Work Products
Risk source lists (external and internal)
Risk categories list
Subpractices
Subpractices
Determine risk sources.
Determine risk categories.
SP 1.2 Define Risk Parameters
SP 1.2 Define Risk Parameters
Define parameters used to analyze and categorize risks and to control the risk management effort.
Define parameters used to analyze and categorize risks and to control the risk management effort.
Example Work Products
Example Work Products
Risk evaluation, categorization, and prioritization criteria
Risk management requirements (e.g., control and approval levels, reassessment intervals)
Subpractices
Subpractices
Define consistent criteria for evaluating and quantifying risk likelihood and severity levels.
Define thresholds for each risk category.
Define bounds on the extent to which thresholds are applied against or within a category.
SP 1.3 Establish a Risk Management Strategy
SP 1.3 Establish a Risk Management Strategy
Establish and maintain the strategy to be used for risk management.
Establish and maintain the strategy to be used for risk management.
Example Work Products
Example Work Products
Risk management strategy
Subpractices
Subpractices
None
SG 2 Identify and Analyze Risks
SG 2 Identify and Analyze Risks
Risks are identified and analyzed to determine their relative importance.
Risks are identified and analyzed to determine their relative importance.
SP 2.1 Identify Risks
SP 2.1 Identify Risks
Identify and document risks.
Identify and document risks.
Example Work Products
Example Work Products
List of identified risks, including the context, conditions, and consequences of risk occurrence
Subpractices
Subpractices
Identify the risks associated with cost, schedule, and performance.
Review environmental elements that can affect the work.
Review all elements of the work breakdown structure as part of identifying risks to help ensure that all aspects of the work effort have been considered.
Review all elements of the work plan as part of identifying risks to help ensure that all aspects of the work have been considered.
Document the context, conditions, and potential consequences of each risk.
Identify the relevant stakeholders associated with each risk.
SP 2.2 Evaluate, Categorize, and Prioritize Risks
SP 2.2 Evaluate, Categorize, and Prioritize Risks
Evaluate and categorize each identified risk using defined risk categories and parameters, and determine its relative priority.
Evaluate and categorize each identified risk using defined risk categories and parameters, and determine its relative priority.
Example Work Products
Example Work Products
List of risks and their assigned priority
Subpractices
Subpractices
Evaluate identified risks using defined risk parameters.
Categorize and group risks according to defined risk categories.
Prioritize risks for mitigation.
SG 3 Mitigate Risks
SG 3 Mitigate Risks
Risks are handled and mitigated as appropriate to reduce adverse impacts on achieving objectives.
Risks are handled and mitigated as appropriate to reduce adverse impacts on achieving objectives.
SP 3.1 Develop Risk Mitigation Plans
SP 3.1 Develop Risk Mitigation Plans
Develop a risk mitigation plan in accordance with the risk management strategy.
Develop a risk mitigation plan in accordance with the risk management strategy.
Example Work Products
Example Work Products
Documented handling options for each identified risk
Risk mitigation plans
Contingency plans
List of those who are responsible for tracking and addressing each risk
Subpractices
Subpractices
Determine the levels and thresholds that define when a risk becomes unacceptable and triggers the execution of a risk mitigation plan or contingency plan.
Identify the person or group responsible for addressing each risk.
Determine the costs and benefits of implementing the risk mitigation plan for each risk.
Develop an overall risk mitigation plan for the work to orchestrate the implementation of individual risk mitigation and contingency plans.
Develop contingency plans for selected critical risks in the event their impacts are realized.
SP 3.2 Implement Risk Mitigation Plans
SP 3.2 Implement Risk Mitigation Plans
Monitor the status of each risk periodically and implement the risk mitigation plan as appropriate.
Monitor the status of each risk periodically and implement the risk mitigation plan as appropriate.
Example Work Products
Example Work Products
Updated lists of risk status
Updated assessments of risk likelihood, consequence, and thresholds
Updated list of risk handling options
Updated list of actions taken to handle risks
Risk mitigation plans of risk handling options
Subpractices
Subpractices
Monitor risk status.
Provide a method for tracking open risk handling action items to closure.
Invoke selected risk handling options when monitored risks exceed defined thresholds.
Establish a schedule or period of performance for each risk handling activity that includes a start date and anticipated completion date.
Provide a continued commitment of resources for each plan to allow the successful execution of risk handling activities.
Collect performance measures on risk handling activities.
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