- Gather and review documents
- Give examples of preliminary documents to review prior to risk identification includes industry benchmarks (if available), previous lessons learned, historical data, and the sources of the above information.
- Determine and assign who is responsible for the preliminary document analysis (e.g., project manager, risk manager, financial controller)
- Establish documents relevant to the risk process
Task 2 Assess project environment for threats and opportunities
- Determine which OPA / EEF/project methodology is needed (e.g., agile, waterfall, hybrid, etc.)
- Analyze the different environmental factors to be considered in the planning phase (e.g., PESTLE, SWOT analysis)
- Determine the organizational and cultural risk appetite
- Analyze environment for risk culture maturity
- Evaluate the project management information system process and data
- Conduct a stakeholder analysis
- Analyze constraints to risk management
- Government, market laws/rules, organizational, environmental, and technical risks
- Focus stakeholders on creating a culture of risk awareness
- Determine the business driver of the project, including key assumptions, benefits, and materialization of the project.
Task 3 Confirm risk thresholds based on risk appetites
- Align project risk thresholds to organizational risk appetite
- Calculate the risk the organization can absorb (e.g., financial, scope, environmental, technical, legal, schedule, quality, contract, etc.)
- Discuss risk thresholds
- Lead conflict resolutions between stakeholders in agreeing on risk appetite
Task 4 Establish risk management strategy
- Establish risk processes and tools
- Provide risk management templates/forms
- Determine risk metrics
- Identify risk categories
- Coach/mentor team on risk management best practices (servant leadership)
- Lead stakeholders to adopt the risk strategy
Task 5 Document the risk management plan
- Define organizational risk roles and responsibilities
- Align roles and responsibilities with a project RAM (e.g., RACI) chart
- Prepare a list of the key artifacts/resources that will be used to compile a risk management plan
- Outline the list of key risk management activities (e.g., who, what, when, where, how)
- Explain how the Risk Breakdown Structure (RBS) can be used to support the risk management plan
- Define a risk communication plan
- Define risk prioritization criteria
- Define stakeholder empowerment and education strategy
Task 6 Plan and lead risk management activities with stakeholders
- Collaborate with the team that would conduct the risk planning on the project
- A leverage stakeholder analysis was done by the project manager
- Manage stakeholder risk appetite and attitudes
- Engage stakeholders in the risk prioritization process
- Set appropriate expectations with stakeholders on the rules of engagement
- Tailor risk communication for stakeholders
- Lead stakeholder empowerment for risk strategies in the risk management plan
- Train, coach, and educate stakeholders in risk principles and processes in order to create a shared understanding of principles and processes, and foster engagement in risk management
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