Identifying Risks Developing Risk Profile Essay

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

If a risk has been identified then it needs to be acted upon so as to minimise the level of risk involved. If this is not done then there is a higher level of risk and more chance of a negative outcome.

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

All risks should be identified on a risk assessment so they can be monitored and review

It involves a systematic approach to the identification and characterization of physical, chemical, and biologic hazards to individuals and populations in their environment. The consequences of such hazards can include severe illness or injury, an irreversible health consequence, an unfamiliar disease, and an undesirable situation that might have been avoided by use of an alternative approach or technology. Risk assessments typically require that attention be given first to the most important hazards, that is, the ones that can result in the worst health-related outcomes.

In general, a Risk Workshop is a brainstorming session used to identify initial risks and review existing risks (Accenture, 2005). The meeting participants include supervisors and team leads. Attendees discuss and identify potential and/or existing risks. At the workshop’s end, a compiled list of all agreed upon risks is available to manage (Accenture, 2005).

risk assessment should be carried out so that any potential risks to health and safety can

Risk Management. Risk Management must be a continuous activity throughout our project in order to prevent risks becoming issues. Thus, “risks” will be a topic at every meeting during project implementation.

* Prioritize classified risks, threats, and vulnerabilities according to the defined qualitative risk assessment scale

| |Produce Top Ten Risks, Develop Risk Management Plan, Present Project Scope (if available). |

Risks are documented so that contingency measures can be taken to mitigate their effects. Risks to both the internal and external aspects of the project should be tracked. Internal risks are those items that the project team can directly control, and external risks are those events that happen outside the direct influence of the

A decision has to take place based on risk evaluation in order to mitigate or control the risk. This step is known as Risk Control. Before implementing risk control measures, the level of risk has to be determined in order to decide which hazard to start treating [5]. One of the conventional methods used to rank or prioritize risks is the Risk Matrix shown

develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?

After the risks have been identified, they must be prioritized in accordance with your assessment of their probability.

4. Write down the results of the investigation- It is important when doing a risk assessment that the information gathered is reordered so that when it comes to looking at the data and evaluating then you have something to look at. Also when doing an risk assessment the results of the findings need to be shown to the manager so that he/she is aware of the