RISK MANAGEMENT PROJECT MANAGEMENT (ML3)
The purpose of Risk Management (RSKM) is to identify potential problems before they occur so that risk handling activities can be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives.
SG 1 Preparation for risk management is conducted.
SP 1.1 Determine risk sources and categories.
SP 1.2 Define parameters used to analyze and categorize risks and to control the risk management effort.
SP 1.3 Establish and maintain the strategy to be used for risk management.
SG 2 Risks are identified and analyzed to determine their relative importance.
SP 2.1 Identify and document risks.
SP 2.2 Evaluate and categorize each identified risk using defined risk categories and parameters, and determine its relative priority.
SG 3 Risks are handled and mitigated as appropriate to reduce adverse impacts on achieving objectives.
SP 3.1 Develop a risk mitigation plan in accordance with the risk management strategy.
SP 3.2 Monitor the status of each risk periodically and implement the risk mitigation plan as appropriate.
