Course Details

Project Risk Management Training is done here. Guidance here is provided by experienced industry based professionals. Detailed course materials are given. Every kind of assistance regarding the course during the sessions are provided by our institution.

Course fundamentals:

• Understanding Risk Management
• The need for risk management and its benefits to the business
• Importance of the effective identification, assessment and management of risk
• Definition of a risk
• Difference between risks, issues and assumptions
• Requirements for effective risk management
• Barriers to effective risk management; and how to address them
• The Five Elements of Risk Management
• Scope and intensity of risk management
• Degree of risk tolerance considered acceptable to the organisation
• The risk management process
• Roles and responsibilities in risk management
• Documents and products used in risk management
• Identifying All Credible Risks
• Types and categories of risks present in specific business areas
• Methods of capturing the relevant risks and how to use them
• Describing risks to enable effective risk analysis
• Identifying the causes of risks
• Classifying identified risks to aid analysis
• Identifying residual risk that remains after existing business controls have been taken into account
• Assessment of Identified Risks
• Three business reasons for analysing risk
• Risk analysis to convert the risk statements into decision making information
• Risk analysis process
• Establishing criteria for determining probability & severity of impact, for risk assessment consistency
• The Risk Assessment Matrix
• Determining overall risk level; high, medium or low
• Action Planning
• Risk management action planning, focusing on high level risks
• The five major types of actions for managing risks
• Examples of the five major types of actions for managing risks
• Using a Risk Register
• Purpose of recording risk details in a Risk Register
• Details to include in the Risk Register
• Importance of allocating an owner for each risk
• Responsibilities of the risk owner, and the support they require
• Using the Risk Register for monitoring and controlling risks
• Updating the Risk Register
• Risk Monitoring and Control
• The steps and actions involved in monitoring and controlling risk
• Limit Testing Method to monitor and control medium and low level risks
• Frequency of monitoring and controlling risks
• Communicating risk monitoring results with key staff and stakeholders
• Managing stakeholders perceptions
• Tracking changes in risks
• Closure of Management of Each Risk
• Recording of closure or passing of risk on the Risk Register
• Recording of action taken to mitigate and manage the risk
• Capturing lessons learned from risk management for use in future risk management