Project Risk Identification
Identify, prepare and assess for internal and external risk impacting the project using a situational analysis framework to mitigate negative effects and maximise positive effects for project success.
Type
Functional
Competency Area
Project Management
Levels
Aware of the types of project risks
Understands the types of project risks (internal and external) and basic ways to manage them (avoid, mitigate, transfer, and accept)
Categorises the three types of internal risks (human-factor, technological and physical)
Summarises the types of external risks based on the reliability of forecasts (economic, natural and political risks)
Gathers information on risks
Documents information on the sources of risk, by category, for exploring potential risks on a project (technical, cost, schedule, client, contractual, etc.)
Schedules internal meetings of employees from diverse backgrounds to gauge perspective of potential project risks
Prepare a risk register to lists all the potential external project risks and their type
Analyses risks based on type
Incorporates risk checklists in preparing risk plans
Identifies and analyses internal risks that have affected the organization or the teams in previous projects
Evaluates external risks using a situational analysis framework such as PESTEL (political, economic, social, technological, environmental, legal)
Develops risk assessments
Assesses major risks that require follow-up, qualitative analysis, quantitative analysis, and active mitigation and management
Conducts risk screening based on impact and probability using qualitative risk assessment tool (Project Definition Rating Index (PDRI))
Applies probabilistic risk assessment methods to determine a single quantitative project risk estimate providing a rational basis for setting a contingency, and to set priorities for risk mitigation
Presents identified risks for project planning
Leads the planning process ensuring the baseline risk information collected is free of cognitive biases and thinking heuristics
Administers the risk assessment processes to contribute to preparation of a risk mitigation plan
Promotes transparency in communication with the stakeholders on potential project risks, assessment methodologies, impact of risks and contingency route