IMP Questions
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## **Write the Risk Assessment Process**
The Risk Assessment Process involves several key steps:
1. Establish Context: Define the risk team, roles, responsibilities, timeline, and budget for development.
2. Identify Risks: Research industry resources, conduct historical review, assess current state, brainstorm potential risks, and record all identified risks in a risk register.
3. Analyze and Evaluate Risks: Assign probability and impact, analyze and evaluate risks, prioritize and decide on treatment responses.
4. Develop Risk Strategies: Create a plan, establish risk tolerance levels, develop risk treatment tactical responses, and key risk indicators.
5. Monitor and Review: Record risk strategies in the register, monitor and review the results of risk treatment.
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## **write a short note on risk register**
A risk register, also known as a risk log, is a document used in project management and risk management to identify potential risks in a project or within an organization. It serves as a central repository for all risks identified, allowing for the documentation, analysis, and management of risks throughout the lifecycle of a project or a business operation.
Here's what a typical risk register contains:
1. Risk Category: This groups the risk according to the area of the project or business it affects, such as strategic, operational, financial, compliance, or reputational risk.
2. Risk Description: A detailed explanation of the risk and its potential effects.
3. Risk Owner: The individual or party responsible for managing the risk and implementing mitigation strategies.
4. Cause: The source or event that could trigger the risk.
5. Effect: The potential impact on the project or business if the risk materializes.
6. Probability: The likelihood of the risk occurring, often rated on a scale (e.g., high, medium, low).
7. Impact: The severity of the outcome if the risk materializes, also often rated on a scale (e.g., high, medium, low).
8. Mitigation Strategy/Response Plan: The actions or plans to manage, reduce, or eliminate the risk.
9. Key Risk Indicators (KRIs): Metrics and indicators used to measure and monitor the risk's likelihood and impact.
10. Status: Current status of the risk (active, monitoring, closed).
Review Dates: The schedule for reviewing the status of the risk and the effectiveness of the response plan.
The risk register is a dynamic tool that is regularly updated as new risks are identified, and as existing risks change or are resolved. It's a crucial part of the risk management process as it provides a systematic approach to identifying, quantifying, and managing risk.
??? Question ## Frame the managing risk based on iso 31000
The management of risk based on ISO 31000 involves several key components:
1. Mandate and Commitment: Risk management begins with the commitment of management and governance bodies to establish an effective risk framework.
2. Design of Framework: This includes defining the organization's context, establishing a risk management policy, and embedding risk management into the organization's processes.
3. Implementation of Risk Management: The framework is implemented, and the risk management process is put into action.
4. Monitoring and Review: Regular monitoring and review of the framework to ensure its effectiveness and relevance.
5. Improvement of Framework: Continuous improvement of the framework based on the findings from monitoring and review processes.
The ISO 31000 framework provides a structured approach to identifying, assessing, and treating risks, with the goal of enabling organizations to proactively manage potential threats and opportunities.
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