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1 How do you identify and classify risk in line with the organisational and project risk context? Include in your answer how to:

  • Determine risk objectives and standards, with input from stakeholders
  • Establish project risk context to inform risk management processes
  • Identify project risks using valid and reliable risk identification methods
  • Classify project risks within agreed risk categories Use a standard risk evaluation tool to demonstrate your answer

2 What activities do you conduct to analyse and prioritise risk? Include in your answer how to:

  • Determine risk analysis classification criteria and apply to agreed risk ranking system
  • Use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities
  • Determine risk priorities in agreement with project client and other stakeholders
  • Document risk analysis outcomes for inclusion in risk register and risk management plan

3 Use the tool ad described in Q1 to illustrate your answers3 Explain the different risk treatment options available and how they are determined, assigned and actioned. Include in your answer how to:

  • Identify and document existing risk controls
  • Consider and determine risk treatment options using agreed consultative methods
  • Record and implement agreed risk treatments
  • Update risk plans and allocate risk responsibilities to project team members

4 Risk management is an ongoing requirement in every project. How do you regularly monitor, review and update risk and related project documentation to maintain currency of the risk treatment and controls?Include in your answer how to:

  • Determine risk responses to changed environment
  • Implement agreed risk responses and modify plans to maintain currency of risk treatments and controls

5 Simply because risk has been identified, classified, analysed and treated does not imply all measures will be successful. How do you re-assess the risk strategies you implemented to determine their effectiveness in order to recommend improvements? Include in your answer how to:

  • Review project outcomes to determine effectiveness of risk-management processes and procedures
  • Identify and document risk management issues and recommended improvements for application to future projects

 

 

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