| Topic |
Details |
| Risk Strategy and Planning - 22% |
| Task 1 |
Perform a preliminary document analysis
◉ Gather and review documents
- Give examples of preliminary documents to review prior to risk identification includes industry benchmarks (if available), previous lessons learned, historical data, and the sources of the above information.
◉ Determine and assign who is responsible for the preliminary document analysis (e.g., project manager, risk manager, financial controller)
◉ Establish documents relevant to the risk process
|
| Task 2 |
Assess project environment for threats and opportunities
◉ Determine which OPA / EEF / project methodology is needed (e.g., agile, waterfall, hybrid, etc.)
◉ Analyze the different environmental factors to be considered in the planning phase (e.g., PESTLE, SWOT analysis)
◉ Determine the organizational and cultural risk appetite
- Analyze environment for risk culture maturity
◉ Evaluate the project management information system process and data
◉ Conduct a stakeholder analysis
◉ Analyze constraints to risk management
- Government, market laws/rules, organizational, environmental, and technical risks
◉ Focus stakeholders on creating a culture of risk awareness
◉ Determine business driver of project, including key assumptions, benefits, and materialization of project.
|
| Task 3 |
Confirm risk thresholds based on risk appetites
◉ Align project risk thresholds to organizational risk appetite
◉ Calculate the risk the organization can absorb (e.g., financial, scope, environmental, technical, legal, schedule, quality, contract, etc.)
◉ Discuss risk thresholds
◉ Lead conflict resolutions between stakeholders in agreeing on risk appetite
|
| Task 4 |
Establish risk management strategy
◉ Establish risk processes and tools
◉ Provide risk management templates/forms
◉ Determine risk metrics
◉ Identify risk categories
◉ Coach/mentor team on risk management best practices (servant leadership)
◉ Lead stakeholders to adopt the risk strategy
|
| Task 5 |
Document the risk management plan
◉ Define organizational risk roles and responsibilities
- Align roles and responsibilities with a project RAM (e.g., RACI) chart
◉ Prepare a list of the key artifacts/resources that will be used to compile a risk management plan
◉ Outline the list of key risk management activities (e.g., who, what, when, where, how)
◉ Explain how the Risk Breakdown Structure (RBS) can be used to support the risk management plan
◉ Define a risk communication plan
◉ Define risk prioritization criteria
◉ Define stakeholder empowerment and education strategy
|
| Task 6 |
Plan and lead risk management activities with stakeholders
◉ Collaborate with the team that would conduct the risk planning on the project
◉ Leverage stakeholder analysis done by the project manager
◉ Manage stakeholder risk appetite and attitudes
◉ Engage stakeholders in the risk prioritization process
◉ Set appropriate expectations with stakeholders on the rules of engagement
◉ Tailor risk communication for stakeholders
◉ Lead stakeholder empowerment for risk strategies in the risk management plan
◉ Train, coach, and educate stakeholders in risk principles and processes in order to create shared understanding of principles and processes, and foster engagement in risk management
|
| Risk Identification - 23% |
| Task 1 |
Conduct risk identification exercises
◉ Conduct meetings, interviews, focus groups, and other SME support activities
◉ Perform detailed analyses of risk identification exercise results
◉ Analyze documents, audio transcripts, telemetry data, etc. and understand business context of information
◉ Indicate risks as threats or opportunities
|
| Task 2 |
Examine assumption and constraint analyses
◉ Leverage the results of the assumption and constraint analysis
◉ Categorize assumptions and constraints
◉ Assess the risk associated with each assumption and/or constraint
◉ Recognize the relationship between assumptions and/or constraints, and project objectives (e.g., predict the cascade effect of project stakeholder holiday schedules on project timelines)
◉ Encourage stakeholders to challenge assumption
|
| Task 3 |
Document risk triggers and thresholds based on context/environment
◉ Assess, confirm, and document risk compliance thresholds, and categories against updated risk data
◉ Assess and document risk triggers, causes and timing
◉ Assess and document risk consequences and/or impact
◉ Empower stakeholders to challenge existing thresholds
|
| Task 4 |
Develop risk register
◉ Analyze the validity of identified risks and triggers
◉ Examine the risk attributes like probability, impact, urgency
◉ Establish risk origin and ownership e.g., internal/external
◉ Classify risks as threats or opportunities
|
| Risk Analysis - 23% |
| Task 1 |
Perform qualitative analysis
◉ Perform a nominal classification or risks in the RBS using classifications from the risk management plan (e.g., environment, organizational, project management, technical, etc.)
◉ Estimate the impact of risk on project schedule, budget, resources, and scope
◉ Prioritize the risk based on impact, and urgency
◉ Apply the risk matrices
- Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Pre-established criteria
◉ Perform an ordinal classification
◉ Coach stakeholders on risk categorization strategies
|
| Task 2 |
Perform quantitative analysis
◉ Analyze risk data and process performance information against established metrics
◉ Analyze a project's general risks
◉ Perform a forecast and trend analysis on new and historical information
◉ Perform sensitivity analysis
- Monte Carlo, decision trees, critical path, expected monetary value, etc.
◉ Perform risk weighting and calculate risk priority
|
| Task 3 |
Identify threats and opportunities
◉ Assess project risk complexity
- SWOT analysis, Ishikawa, Tree Diagram
◉ Perform an impact analysis on project objectives
- project scopes, schedule cost, and resources, quality, and stakeholders
◉ Assess project compliance objectives against organizational strategic objectives
- procedures, project plans, corporate, and project governance, regulatory governance
◉ Empower stakeholders to independently identify threats and opportunities
|
| Risk Response - 13% |
| Task 1 |
Plan risk response
◉ Determine appropriate risk response strategy
- avoid, accept, mitigate, enhance, contingency planning etc.
◉ Decide the risk response actions (time bound) based on the risk response strategies and identify action owners
◉ Assess the effectiveness of the risk response actions against the identified strategy and the project objectives impact
- cost/schedule/environment etc., effect of the action on the probability or the risk impact
◉ Illustrate and communicate effectiveness of the risk response strategies
- risk burndown chart, dot plots
◉ Determine the work around
◉ Allocate responsibilities
◉ Outline an appropriate responsibility matrix for a metricized project environment
◉ Re-evaluate organizational risks
|
| Task 2 |
Implement risk response
◉ Execute the risk response plan(s)
◉ Execute the contingency plan(s)
◉ Encourage stakeholders to provide feedback on the risk response
◉ Evaluate and react to secondary and residual risks from the response implementation
- Improvise as needed
|
| Monitor and Close Risks - 19% |
| Task 1 |
Gather and analyze performance data
◉ Reconcile performance data & reports from risk relevant work packages
◉ Analyze data to determine the completion status against the baseline
◉ Perform a variance analysis
◉ Monitor impact against overall project risk exposure to enterprise
|
| Task 2 |
Monitor residual & secondary risks
◉ Monitor risk response and document residual risk
◉ Monitor risk response for secondary risks
◉ Assess impact of residual and secondary risks on project objectives
◉ Update and communicate impact of residual and secondary risks
|
| Task 3 |
Provide information required to update relevant project documents
◉ Aggregate and summarize risk data, and update project documents
- risk register, lessons learned, project management plan, change logs etc.
◉ Monitor and close out expired risks
|
| Task 4 |
Monitor project risk levels
- Assess project risk level
- Prepare reports for different stakeholders
- Communicate risk levels to key stakeholders
|
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