Risk Management Courses Online

Understanding and managing risk, provides an introduction to financial risk management. The processes of risk identification, risk measurement and risk management are examined. The course then goes on to examine reputational risk and operational risk. It concludes with an examination of the subject of behavioural finance and what this can contribute to our understanding of risk taking and risk management.

Programme / Project Risk Management is the process of evaluating alternative responses to project risks and selecting among them. It is the process of evaluating alternative responses to project risk and selecting among them.

A Risk management plan is a document prepared by a project manager to foresee risks, to estimate the effectiveness, and to create response plans to mitigate them. It also consists of the risk assessment matrix.

Project Risk Management

A risk is defined as "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. "Risk is inherent with any project, and project managers should assess risks continually and develop plans to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks.

Risk management planning in projects / programmes include at least the following processes:

Risk Analysis A systematic use of available information to determine how often specified events may occur and the magnitude of their consequences. it involves listing expected risk areas; compare project objectives to risk items and identify manageable risks.

Risk Avoidance and Mitigation plan Designing activities in such a way as to minimize risk exposure.

Risk Management Plan Identify specific work processes to respond to the eventuality that risk occurs.

Most critically, risk management plans include a risk strategy. Broadly, there are four potential strategies, with numerous variations. Projects may choose to:

Accept risk; simply take the chance that the negative impact will be incurred Avoid risk; changing plans in order to prevent the problem from arising Mitigate risk; lessening its impact through intermediate steps Transfer risk; outsource risk to a capable third party that can manage the outcome
During Project Execution and Control, risk management takes the form of monitoring and controlling risks.

Risk is one of the 9 topic areas of project management knowledge.

Risk Monitoring and Control is the section of Project execution where the Project Manager and Project Team put in practise what decided in the earlier phase of project risk planning and apply adequate responses in case of the occurrence of risks.

Risks are potential future events that can adversely affect a project’s Cost, Schedule, Scope or Quality (CSSQ). In prior phases, the Project Manager defined these events as accurately as possible, determined when they would impact the project, and developed a Risk Management Plan.

In Project Execution and control however, impact dates draw closer, and risks become much more tangible. The Project Manager must continually look for new risks, reassess old ones, and re-evaluate risk mitigation plans. The Project Manager should involve the whole Project Team in this endeavour, as various team members have their particular expertise and can bring a unique perspective to risk identification. As the Risk Management Worksheet is integrated into the status reporting process, this review and re-evaluation should take place automatically, with the preparation of each new status report.

Because the Risk Management Worksheet places risks in order according to their priority level, it is important to update all quantifiable fields to portray an accurate risk landscape. The risk probabilities may have changed; the expected level of impact may be different, or the date of impact may be sooner or later than originally anticipated – all of these variables determine which risks the Project Team will concentrate on first. Likewise, the Risk Management Plan needs to be constantly re-evaluated. Make sure the right people are still assigned to mitigation actions and that the actions still make sense in the context of the latest project developments. Another consideration is whether a specific risk’s probability level is high enough to warrant incorporating the Risk Management Plan in the Project Schedule via the change control process. If so, the risk should be removed from the worksheet. Finally, the Project Manager must be constantly on the lookout for additional risks. Reviewing the risks as part of regular status reporting should involve the whole Project Team via bidirectional communications.

Sooner or later, one of the events expected in project risk planning and listed on the Risk Management Worksheet – or an entirely new and unexpected risk – will actually occur. The Project Manager and Project Team members must evaluate the risk event and invoke the Risk Management Plan.

Information security means protecting information (data) and information systems from unauthorized access, use, disclosure, disruption, modification, or destruction.

Information Security management is a process of defining the security controls in order to protect the information assets.

Security Program

The first action of a management program to implement information security (iss) is to have a security program in place. Though some argue the first act would be to gain some real "proof of concept" "explainable thru display on the monitor screen" security knowledge. Start with maybe understanding where OS passwords are stored within the code inside a file within a directory. If you don't understand Operating Systems at the root directory level maybe you should seek out advice from somebody who does before even beginning to implement security program management and objectives.

In this course, you will learn the factors in Risk Taking.

• Taking gambles is part of our strategy for success.
• We take above-average risks in our business.
• Taking chances is an element of our business strategy.
• Our strategy can be characterized by a strong tendency to take risks.

Risk Management's goal is to increase the impact and probability of positive risks and decrease them for negative risks. The point is not only avoiding failure, but to bring about opportunities. Time and energy can be spent avoiding, transferring to a third party, and mitigating potential failures. They can be similarly spent on accepting, sharing with third parties and enhancing opportunities. It is task of Risk Management to determine how much time and energy should be on avoiding failures and promoting opportunities.

Risk management includes six main processes in PMBOK theory^[1]. These are risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control.

In the Risk Management Planning' process, it is decided how to execute the risk management activities of a project. The level of risk management is decided as it needs to be in line with the risk and importance of the project as a whole. This way resources can be properly alloted at this stage.

Risk Planning is usually the last project management process to be completed during the planning phase as the overall plan and scope are needed to find out where risk management tasks can be allocated.

There are four inputs within the PMBOK model. Enterprise Environmental Factors involve the attitudes and policies set down by the organization that sets the levels and tolerance of risk that is deemed acceptable. Organizational Process Assets are possible predefined risk management approaches set down by the organization. These may include templates, roles, authority levels, risk categories, and definitions. The last two inputs are the Statement of Scope (from the Project Scope Management) and Project Management Plan (from Project Integration Management).