Risk management has long been a key part of project management and it has also become an increasingly important part of organisational best practices. Corporations have realised that effective risk management can not only reduce the negative impact of crises; it can provide real benefits and cost savings.
The risk management framework provided in this content is flexible enough for any organisation. You can apply it to a single project, a department, or use it as a basis for an enterprise-wide risk management programme.
Define risk and risk management
Describe the COSO ERM cube and ISO 31000
Establish a risk management context
Describe the 7 R’s and 4 T’s that form the framework of risk management activities
Design and complete a basic risk assessment
Determine the appropriate response to risks and create a plan for those responses
Describe the key components of reporting, monitoring, and evaluation of a risk management programme