How Do We Manage Risk?

Using the six risk management processes

· Plan Risk Management

· Identify Risks

· Perform Qualitative Risk Analysis

· Perform Quantitative Risk Analysis

· Plan Risk Responses

· Monitor and Control Risks

Plan Risk Management

WHAT IS A RISK MANAGEMENT PLAN?

Methodology – Approach, tools, & data

Roles & Responsibilities

Budgeting – Resources to be put into risk management

Timing – When and how often to review

Risk Categories – Risk Breakdown Structure (RBS)

Definitions – Risk probabilities and impact

Severity and Frequency Matrix

Stakeholder tolerances

Reporting formats

Establish tracking methods