Training Course Description “Be prepared, luck is where preparation meets opportunity.” Randy Pausch
Corporations have realized that effective risk management can not only reduce the negative impact of crises; it can provide real benefits and cost savings. In this Risk Management course, you will work through the proactive approach to threat and opportunity—based on a clear understanding of the powerful nature of both qualitative and quantitative approaches to risk management.
By applying these tools you will be able to identify, quantify, control and respond to risk in the context of the project life cycle through a risk management plan. This plan will enable you to monitor and control risks throughout the execution of the project by identifying new risks, reassessing existing risks and monitoring risk triggers
The risk management framework provided in this workshop is flexible enough for any organization. You can apply it to a single project, a department, or use it as a basis for an enterprise-wide risk management program.
Understanding Risk • Definitions of risk and risk management • Characteristics of Risk • Components of risk management • Types of risks • Key components of establishing your risk management context.
Assessing Risk • How to design a basic risk assessment process. • Probability and impact • Presenting risk • Probability analysis
Risk Management Activities • The seven R's and four T's of risk management. • Risk management planning • Risk identification • Idea generation tools and techniques Responding to Risks • Four T's of responding to risks: Tolerate, Treat, Transfer, and Terminate. Resourcing Controls • Explore controls that can be put into place to mitigate risks.
Reaction Planning • Analyzing risks and impact • Establishing and evaluating profitability • Risk-based financial tools and techniques • Expected-value analysis • Decision trees • Probability analysis • Risks vs. opportunities • Prioritizing risks
Execution, Evaluation and Update • Risk response monitoring and controlling • Execute risk strategies • Contingency plans and workarounds
Reporting and Monitoring • Reporting hierarchies and requirements.