Risk Management Process - 1617 Words

Table of Contents DOCUMENT OVERVIEW 4 PURPOSE 4 SCOPE 4 DESCRIPTION 4 RISK MANAGEMENT FLOW 5 ROLES AND RESPONSIBILITIES 6 RISK TRACKING PROCESS 7 Identify Risks 7 Assess and Prioritize Risks 7 Determine Course of Action 8 Review and Monitor Risks 8 RISK MANAGEMENT LOG ENTRY DEFINITIONS 9 PROCESS ASSISTANCE, QUESTIONS, OR RECOMMENDATIONS 10 APPENDIX A: RISK MANAGEMENT LOG 11 Document Overview Purpose The purpose of this Risk Management Process document is: †¢ To provide a framework to track and monitor project risks throughout the project lifecycle †¢ Establish roles and responsibilities of all participants in the process Scope This process will be used by the entire project team. As such, this document defines the†¦show more content†¦A Risk Management Log is started during the planning phase. As scheduling, budgeting, and resource planning occur, the worksheet is updated to reflect further risks identified in the planning. At project startup, the Risk Management Log is reviewed again, and any new risks are added to it. As the project progresses, members of the team identify new risk areas that are added to the Risk Management Log. Risk identification is a recurring event; it is not performed once and then set aside. Risk identification, management, and resolution efforts continue throughout the life of the project. New risks are identified as the project progresses and external and internal situations change. Trigger dates can be included in the schedule for tracking risks. Project risks are likely to be identified in two ways: 1. By Project Leadership during meeting discussions, as well as ongoing day to day operations. 2. Via day-to-day activities, such as team working sessions and status meetings. Teams will manage risks within their teams and escalate them as appropriate. ASSESS AND PRIORITIZE RISKS Once risks are identified, appropriate members of the originating team will examine each to determine potential impacts and likelihood ofShow MoreRelatedRisk Management Process Is Risk1436 Words   |  6 PagesRisk management is developed in order to reduce the likelihood of possible events that have negative effects for patients, staffs and the organization; to reduce the risk of death and injury or disease for patients, staffs, and others as result of services provided; to improve patient outcomes; to manage resources effectively; and to support legislative compliance and to ensure organizational viability and development. In order to achieve these goals, risk management teams should follow the fourRead MoreRisks Of A Risk Management Process1208 Words   |  5 PagesEvery day businesses face the challenge of being exposed to potential risks. 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