Mastering Project Risk Management: From Plan to Closure

In this lecture, I'll introduce you the risk register that we'll use in this course. You can download it from the resources section of the lecture.

I will also mention about the key features of a risk register.

In this lecture, I'll cover the topic how to identify the risks and the sources of risks. There are some principles to apply while identifying the risks and registering them in the project risk register.

From this lecture on, we'll start filling in the project risk register together. Within the frame of this lecture, we will fill in the following columns:

> Risk ID

> Approval Status

> Risk Initial Record Date

> Risk Title

> Risk Description (Detailed IF/THEN statement)

> Risk Consequences

> Existing Controls

> and finally Threat or Opportunity column.

This is the first step of qualitative risk assessment. We'll talk about the likelihood of the occurrence of risks. You will see a sample probability levels table. In this lecture, we will fill in the column "Initial Probability Level" of the risk register.

This is the second step of qualitative risk assessment. We'll talk about the impact/severity of the consequences of the occurrence of risks. You will see a sample impact scale table. In this lecture, we will fill in the column "Initial Risk Impact" of the risk register.

After determining risk probability level and impact level, then we can think about risk scoring. In this lecture, I'll introduce the risk ranking matrix with its severity color bands. Our sample matrix will have the size of 5x5 which we will use while filling in "Initial Risk Rating" column of the risk register.

In this lecture, I'll briefly mention about risk response strategies for positive and negative risks which are:

> Risk acceptance (for both negative and positive risks)

> Risk escalating (for both negative and positive risks)

> Risk avoidance (the most common strategy) (for negative risks)

> Risk transfer (for negative risks)

> Risk mitigation (for negative risks)

> Risk enhancing (for positive risks)

> Risk sharing (for positive risks)

> Risk exploit (for positive risks)

Within this lecture, we'll fill in the column "Risk Response Strategy" of the risk register.

RACI, Responsible, Accountable, Consulted, and Informed, is a common type of responsibility assignment matrix. In this lecture, we'll talk a bit about this matrix and fill in the column "Risk Owner" of the risk register together.

After determining our risk response strategy, we will learn how to develop risk response actions in accordance with this selected strategy for:

> high-level risks

> medium-level risks

> and low-level risks in the risk register.

At the end of this lecture, we will fill in these columns of the risk register:

> Risk Response Action

> Approval Status for Response Actions

> Action Status

> Action Due Date

> Risk Status

> and Required Fund from Contingency Reserve

The last step of Risk Responses section is post-treatment risk scoring. And together with this step, the risk register will be totally completed. Within this lecture, we will fill in the following columns of the risk register:

> Target Risk Impact

> Target Probability Level

> Target Risk Rating

> and Remarks

In this lecture, we will talk about how to monitor the risks which are identified and analyzed. I will highlight some key points on conducting effective workshops/meetings.   

Risk closing is a special task and requires some attention. In this lecture, I'll say a couple of important points about how safely to close the risks and what to check beforehand. 

In this final lecture of the section, I would like to mention you about some key points on risk reporting which is the tool of communication with project stakeholders. There might be some requirements imposed by Clients as well to which risk reporting should respond.

I will do a short recap and closing remarks in this lecture.