Assignment Task
RISK MANGEMENT PROCESS
Define process/approach.
RESOURCE REQUIREMENTS
Financing
Technology
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– Direct management of the program following agreed on program risk-management plans. To do this, create a risk matrix (appendix 3). Review the progress, analyse variance and initiate and direct risk responses to actuated program risk to achieve program objectives as found in dynamic risk environments. Before finalising the risk management matrix (appendix 3), ensure you confirm remedial actions are authorised with impact analysis according to program objectives.
Analyse, evaluate the risks and:
· Identify the existing controls – determine what rules are already in place to mitigate the impact of the risk
· Assess the likelihood – the likelihood of the risk occurring is described as rare, unlikely, possible, likely, or almost certain to occur.
· Assess the consequence – the consequences or potential impact if the risk event occurred as insignificant, minor, moderate, major or extreme.
· Rate the level of risk:
· Decide whether the risk is acceptable or unacceptable. Use your understanding of the risk to make decisions about future actions.
· Reviews outcomes considering results from a range of perspectives and identifying key concepts and principles that may be adaptable to future situations
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