Everything you need to know about Risk Management
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Risk Management Everything you need to know about risk management!
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Risk Management
Everything you need to know about risk management!
The
RiskManager
The
RiskManager
…identifies potential risks that may affect the organization.
Performing effectively as a risk manager you have to
be comfortable taking up a central position,
interacting with members of other teams within the
company and with customers.
Source: Keys to becoming a good risk manager
Once risks have been identified and assessed, risk managers work to implement procedures to overcome, transfer, or at least minimize them.
Performing effectively as a risk manager you have to
be comfortable taking up a central position,
interacting with members of other teams within the
company and with customers.
Source: Keys to becoming a good risk manager
What are the
mainsources of risk?
What are the main sources of risk?
Scope
Planning
Resource
TechnologicalSource: What are the main risks in project management
What are the main sources of risk?
Scope
Planning
Resource
TechnologicalSource: What are the main risks in project management
What are the main sources of risk?
Scope
Planning
Resource
TechnologicalSource: What are the main risks in project management
What are the main sources of risk?
Scope
Planning
Resource
TechnologicalSource: What are the main risks in project management
PMBOK’s6 steps
to controlling risk
Planning
Like any other aspect of project management, risk prevention and response in the case of risk occurrence should be subject to strict planning.
Risk management is iterative, implying that the planning phase will be reviewed after each cycle.
Source: 6 steps to control risk
Identification
It is essential to identify all risks that may potentially influence the project so that the necessary precautions can be taken and disaster can be avoided.
Tools can be used to identify risks, such as:
The Ishikawa diagram
SWOT analysis
Expert judgement
Source: 6 steps to control risk
Identification
It is essential to identify all risks that may potentially influence the project so that the necessary precautions can be taken and disaster can be avoided.
Tools can be used to identify risks, such as:
The Ishikawa diagram
SWOT analysis
Expert judgement
Source: 6 steps to control risk
Identification
It is essential to identify all risks that may potentially influence the project so that the necessary precautions can be taken and disaster can be avoided.
Tools can be used to identify risks, such as:
The Ishikawa diagram
SWOT analysis
Expert judgement
Source: 6 steps to control risk
Identification
The Risk Manager is the facilitator of risks. Project management professionals identify the risks, and go to the risk manager who has the tools to manage and nullify these risks.
Source: 6 steps to control risk
The qualitative analysis are used initially to filter risks and prioritize them in order of importance/severity.
A useful tool is the free online risk assessment matrix with which you can analyse, customize and share risk sets in an easy to use, highly graphical way.
Qualitative Analysis
Source: 6 steps to control risk
Click here to have a look
Quantitative Analysis
This is a more comprehensive analysis, but also more complex and time consuming. To perform a quantitative analysis, specific quantitative risk analysis systems should be used, such as mathematical simulations:
Monte Carlo
Decision tree
Bow tie analysis
Source: The Monte Carlo method in Project Management
Quantitative Analysis
This is a more comprehensive analysis, but also more complex and time consuming. To perform a quantitative analysis, specific quantitative risk analysis systems should be used, such as mathematical simulations:
Monte Carlo
Decision tree
Bow tie analysis
Source: 6 steps to control risk
Quantitative Analysis
This is a more comprehensive analysis, but also more complex and time consuming. To perform a quantitative analysis, specific quantitative risk analysis systems should be used, such as mathematical simulations:
Monte Carlo
Decision tree
Bow tie analysis
Source: 6 steps to control risk
Response planning
Developing a pre-planned approach to transfer or mitigate risks upon identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk
Response planning
Developing a pre-planned approach to transfer or mitigate risks upon identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk
Response planning
Developing a pre-planned approach to transfer or mitigate risks upon identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk
Response planning
Developing a pre-planned approach to transfer or mitigate risks upon identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk
Monitoring
• Frequently review risks.
• Document any changes in risk status.
• Identify the warning signs.
The risk log will be essential for monitoring and improving the detection of risk, because any past risks will have been documented
Source: 6 steps to control risk
Trainingand
Certification
Training and certification
If you want to become a risk manager, you will have to combine two types of training. On the one hand, you must be a specialist in a particular field.
Source: How to become a risk manager – certificates and training
Training and certification
If you want to become a risk manager, you will have to combine two types of training. On the one hand, you must be a specialist in a particular field.
For example, if you want to be a risk manager in the field of medicine or pharmaceuticals, you’ll need medical training, or hospital management training.
Source: How to become a risk manager – certificates and training
Training and certification
If you want to become a risk manager, you will have to combine two types of training. On the one hand, you must be a specialist in a particular field.
On the other hand, you need to acquire specialist training in risk management. Several institutions offer specific degrees in these areas.
For example, if you want to be a risk manager in the field of medicine or pharmaceuticals, you’ll need medical training, or hospital management training.
Source: How to become a risk manager – certificates and training
PHDprograms
Columbia University’s
Decision, risk and operations
University of Pennsylvania’s
insurance and risk management
Source: How to become a risk manager – certificates and training
Higher educationcertificatesA host of Higher Education Institutions in the US offer Risk Management courses, i.e. Stanford’s strategic decision and risk management courses.
Source: How to become a risk manager – certificates and training
Corporate certificationsIf you’re interested in in-company training tailored to the needs of your organization and in implementing international standards like ISO 31000:2009, you can look up:
• BSI’s risk management training courses
• ASQs’ risk management essentials and implementation strategies
Source: How to become a risk manager – certificates and training
Prominent institutions in UK and US
UK
• Institute of Risk Management
• The Chartered Insurance Institute
US
• Project Management Institute
• International Risk Management Institute
Source: How to become a risk manager – certificates and training
ISO Standards of
Risk Management
ISO Standards of Risk Management
The ISO Standards have published over 21000 international standards and related documents covering almost every industry.
ISO Standards for businesses are strategic tools that reduce costs by minimizing waste and errors, and increasing productivity.
ISO 31000 – Risk Management
The ISO 31000 is the general code for all standards on risk management.
These standards, provide organizations with the necessary guidance to ensure that risks are managed effectively and the business can perform efficiently.
ISO 31000:2009
Presents a framework, provides principles and gives a process for risk management.
IEC 31010:2009
A supporting standard for the ISO 31000 Risk Management, which gives advice and assistance on choosing the most appropriate techniques and tools for managing risk in your organization.
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Click here if you want to learn more!
• Risk Assessment Matrix
• Keys to becoming a good risk manager
• How to become a risk manager – certificates and training
• New free online risk assessment matrix
• What are the main risks in project management
• 6 steps to control risk
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