This is another useful webinar by Simplilearn, focusing on the two main dimensions of Risk (probability and impact) as well as the 9 step Risk Management process and other relevant aspects such why Risk Leadership is so important, most common mistakes, root causes identification, among other important points. This is a actually a very thorough and comprehensive presentation delivered by Susanne Madsen, who has been running workshops on project leadership and risk management for over 20 years. It is interesting even for experts that might want to take a look and refresh some essential Risk Management concepts.
There are two dimensions of Risks.
Probability – How likely or unlikely is the risk to happen?
Impact – What is the effect on the project’s objectives in case it happens?
Risk management matters for avoidance of issues, improve success rate and leverage opportunities.
The 9 Step Risk Management Process –
1. Identify risks and opportunities
2. Analyse root cause
3. Determine impact
4. Assign owners
5. Decide on risk response
6. Determine probability
7. Document risks
8. Communicate risks
9. Regularly review
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