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Project Management

Project Risk Management

Boosting Business Success through Robust Risk Management

 

Who Should Attend:

  • CEOs, CFOs & Financial Controllers
  • Business Development Managers
  • Project & Risk Management Professionals

Course Objectives

  • Understand the importance of implementing a risk management strategy
  • Learn how to maximise organisational growth and profitability using the risk management process
  • Familiarity with an effective framework and process for the management of risk
  • Obtain specific techniques to identify, assess, manage and monitor risks
  • Explore methods used to plan and implement risk management actions
  • Practice the use of risk management tools and techniques
  • Identify how to use risk management to ensure compliance with corporate policies and governmental regulations.

What will you gain?

 By the end of this course, you will be able to: 
  • Understand the significance of risk management and how it can help an organisation succeed in its objectives
  • Identify actual requirements for the implementation of proper risk management
  • Discover and address common roadblocks that hamper the effective management of risk
  • Ascertain the amount of risk that the organisation can endure before reaching irreparable loss
  • Recognise all kinds and causes of risk exposure that is typically faced by an organisation
  • Use tried and tested techniques to analyse and assess the risks identified for timely decision-making
  • Create action plans to manage any immediate and/or high level risks, and take the necessary corrective measures
  • Document and organise sensitive risk related information in risk registers
  • Become better equipped in monitoring and controlling risk, as well as, communicating risk results with management and organisational stakeholders
  • Devise and implement a corporate strategy that mitigates and manages the impact of risk on the business while ensuring compliance with governmental regulations.

Course Content

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.


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