In this task, you will identify the potential risks that may affect the process. Understand the importance of proactive risk identification in order to effectively manage and mitigate risks. Consider the various factors and scenarios that could impact the process and its desired outcomes. Share your insights, concerns, or observations regarding the identified risks.
Understand Possible Implications
Gain a comprehensive understanding of the potential implications associated with the identified risks. Analyze the consequences that may arise if these risks occur. Consider the impact on stakeholders, resources, timeline, and overall project. Share your insights and analysis on the possible implications of each risk.
Estimate Potential Impact
Estimate the potential impact of each identified risk. Assess the severity of the consequences on the overall process if the risk materializes. Consider the financial, reputational, operational, and legal aspects. Share your estimation of the potential impact for each identified risk.
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High
2
Moderate
3
Low
Assessment of Likelihood
Assess the likelihood or probability of each identified risk occurring. Evaluate the chances of the risk events happening based on historical data, expert opinions, or analysis. Take into account the internal and external factors that may influence the probability. Share your assessment of the likelihood for each identified risk.
1
Very Likely
2
Likely
3
Possible
4
Unlikely
5
Very Unlikely
Approval: Risk Analysis
Will be submitted for approval:
Estimate Potential Impact
Will be submitted
Prioritize the Risks
Prioritize the identified risks based on the combination of their potential impact and likelihood. The risks with higher potential impact and likelihood should be given more attention and prioritization. Consider the potential consequences and likelihood ratings to determine the priority. Share your prioritization of the identified risks.
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High
2
Medium
3
Low
Develop Risk Response Strategy
Develop a risk response strategy to address and mitigate the identified risks. Design effective and practical approaches to minimize or eliminate the risks. Consider preventive, mitigative, transfer, or acceptance measures. Share your proposed risk response strategy for each identified risk.
Approval: Risk Strategy
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Develop Risk Response Strategy
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Implement Risk Strategy
Implement the risk response strategy for each identified risk. Execute the planned actions and measures to effectively manage and mitigate the risks. Monitor the progress and ensure all necessary resources and stakeholders are involved. Share the actions taken to implement the risk response strategy.
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Identify responsible person
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Allocate necessary resources
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Communicate strategy to stakeholders
4
Monitor progress
5
Update risk register
Monitor and Review Risks
Monitor and review the implemented risk response strategies to ensure their effectiveness. Regularly assess the progress, impact, and outcome of the strategies. Identify any new risks or changes in the existing risks. Share your monitoring and review findings for each implemented risk response strategy.
Approval: Risk Monitoring
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Monitor and Review Risks
Will be submitted
Update Risk Register
Update the risk register with the latest information, including any new risks or changes in the existing risks. Maintain a comprehensive record of the identified risks, their impacts, likelihoods, priorities, response strategies, and monitoring findings. Share the updates made in the risk register.
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Add new risks
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Modify existing risks
3
Update risk impact and likelihood ratings
4
Update risk response strategies
5
Include monitoring findings
Re-Assessment of Each Risk
Re-assess each identified risk considering the changes in the process, environment, or other factors. Evaluate the current status, impact, and likelihood of the risks. Determine if any adjustments are required in the risk response strategies. Share your re-assessment of each identified risk.
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No change
2
Increased
3
Decreased
Approval: Risk Re-Assessment
Will be submitted for approval:
Re-Assessment of Each Risk
Will be submitted
Continuous Monitoring of Risk Situations
Continue monitoring the risk situations to proactively identify any emerging risks. Stay vigilant and analyze any potential threats that may arise. Regularly review the risk landscape and take necessary actions to avoid or minimize risks. Share your observations and actions taken for continuous risk monitoring.
Review Risk Mitigation Effectiveness
Review the effectiveness of the implemented risk mitigation measures and strategies. Evaluate the impact of the risk response strategies in minimizing or eliminating risks. Identify any gaps or areas for improvement. Share your review findings and recommendations for enhancing risk mitigation effectiveness.
Approval: Risk Mitigation Review
Will be submitted for approval:
Review Risk Mitigation Effectiveness
Will be submitted
Document All Steps and Findings
Document all the steps, actions, findings, and assessments related to the risk assessment process. Maintain a comprehensive record for future reference and audit purposes. Capture relevant details and insights to ensure transparency and accountability. Share your detailed documentation of the risk assessment process.
Approval: Findings Documentation
Will be submitted for approval:
Document All Steps and Findings
Will be submitted
Risk Assessment Report Generation
Generate a comprehensive risk assessment report summarizing the entire process and its outcomes. Consolidate all the collected data, findings, recommendations, and actions into a professionally structured report. Provide insights and analysis to facilitate informed decision-making. Share your generated risk assessment report.
