Project Controls Institute: Project Risk Management Process

Topic: Project Risk Management Process

Project Risk Management Process #40

Daniel_P offline New Member Joined On: 22-06-2017 Posts: 5	Hi, Can someone explain about Project Risk Management Process? Is there any standard for Project Risk Management Process? Cheers Daniel
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Project Risk Management Process #46

David.B
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Joined On: 09-06-2017
Posts: 5

Hi Daniel ISO 31000:2009 provides generic guidelines for the design, implementation and maintenance of risk management processes throughout an organization. This approach to formalizing risk management practices will facilitate broader adoption by companies who require an enterprise risk management standard that accommodates multiple ‘silo-centric’ management systems. (Source: Wikipedia) This is not specific to any industry or sector and can be applied to any kind of risk. An overview or steps involved in Project Risk Management are given below: [li]Establish Context[/li] [li]Identify Risks[/li] [li]Analyse Risks[/li] [li]Evaluate Risks[/li] [li]Treat Risks[/li] Steps 2, 3 and 4 are part of "Risk Assessment" process. All of the above steps continually interact and share feedback with the following: [li]COMMUNICATE AND CONSULT[/li] [li]MONITOR AND REVIEW[/li] Enclosed image depicts "An overview of ISO 31000-2009 Risk Management Process" Thanks

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