Lesson 52: Risk practice 9 – management products

Question 1

What is the purpose of the risk management approach, and when was it created?

Answer 1

The risk management approach aims to describe how risk will be managed on the project. The risk management approach includes the specific procedures, techniques, standards, and responsibilities to be applied. It is created by the project manager at the start of the initial stage

The approach includes specific procedures, techniques, standards, and responsibilities.

Question 2

What is the purpose of the risk register?

Answer 2

The purpose of the risk register is to maintain a record of identified risks related to the project, including their status and history. It is used to capture and keep information on all the identified threats and opportunities relating to the project.

It captures information on all identified threats and opportunities.

Question 3

What is the responsibility of the business layer with risk management?

Answer 3

The business layer provides the policy for the risk management process.

This ensures that there is a structured approach to managing risks.

Question 4

What is the responsibility of the project executive with risk management?

Answer 4

The project executive ensures that the ‘risk management approach’ is appropriate and that risks associated with the business case are identified, assessed, and controlled. They will also escalate risks to the above business level as needed.

They also escalate risks to the above business level as needed.

Question 5

What is the responsibility of the project assurance with risk management?

Answer 5

The project assurance role checks that the project follows the risk management guidelines.

This oversight helps maintain compliance with established risk management practices.

Question 6

What is the responsibility of the project manager with risk management?

Answer 6

The project manager creates the ‘risk management approach and ‘risk register. During the project, they maintain the risk register and ensure that project risks are identified, assessed, and controlled throughout the project lifecycle.

This role is critical for active risk management.

Question 7

How does the project support role support the project with risk management?

Answer 7

The project support role provides administrative support for risk controls. They maintain the risk register, help with risk procedures, and support the project manager.

Their assistance is vital for effective risk management.