1. Risk Strategy and Planning
- Develop risk assessment processes and tools that quantify stakeholder risk tolerances
- Update risk policies and procedures using information such as lessons learned from projects and outputs of risk audits
- Develop and recommend project risk strategy based on project objectives
- Produce risk management plan for the project on the basis of inputs such as project information, external factors, stakeholder inputs, and industry policies and procedures.
- Establish evaluation criteria for risk management processes based on project baselines and objectives.
2. Stakeholder Engagement
- Promote a common understanding of the value of risk management by using interpersonal skills.
- Train, coach, and educate stakeholders in risk principles and processes
- Coach Project team members in implementing risk processes
- Assess stakeholder risk tolerance using processes and tools such as interviewing stakeholders and reviewing historical stakeholder behaviours.
- Identify stakeholder risk attitudes and cognitive biases using stakeholder analysis techniques.
- Engage stakeholders on risk prioritization process based on stakeholder risk tolerance and other relevant criteria.
- Provide risk-related recommendations to stakeholders regarding risk strategy and planning, risk process facilitation, risk reporting, and specialized risk tasks by using effective communication techniques.
- Promote risk ownership by proactively communicating roles and responsibilities and engaging project team members in the development of risk responses.
- Liaise with stakeholders of other projects by using effective communication techniques and sharing information on project risk performance.
3. Risk Process Facilitation
- Apply risk assessment processes and tools.
- Facilitate risk identification using a variety of techniques.
- Facilitate the project team’s evaluation of the identified risks’ attributes using qualitative and quantitative tools and techniques.
- Facilitate the development of an aligned risk response strategy and related risk actions by risk owners from the information gathered during risk analysis.
- Facilitate the formulation of project contingency reserve based on the risk exposure of the project.
- Provide risk data to cost and schedule analysts/estimators to ensure that project risk is properly reflected in cost and schedule estimates for the project.
- Use scenarios to validate potential risk responses and evaluate key dependencies and requirements.
4. Risk Monitoring and Reporting
- Document and periodically update project risk information using standard tools (including but not limited to risk register, risk database) and techniques.
- Coordinate with project manager using communication techniques.
- Create periodic standard and custom reports using risk-related metrics as specified in the risk management plan.
- Monitor risk response metrics by analyzing risk response performance information, and present to key stakeholders.
- Analyze risk process performance against established metrics.
- Update the project risk management plan using relevant internal and external inputs.
- Capture risk lessons learned through comprehensive review of the project risk management plan, risk register, risk audits, risk process performance reports, and other associated reports.
5. Perform Specialized Risk Analyses
- Evaluate the attributes of identified risks using advanced quantitative tools and specialized qualitative techniques.
- Analyze risk data produced during the project using statistical analyses and expert judgment.
- Perform specialized risk analysis using advanced tools and techniques.