Identify and Analyze Risks

Purpose:

Identifying and analyzing potential issues that could negatively impact key business initiatives or projects.

Objective:

Risks are identified and analyzed to determine their relative importance.

Description:

The degree of risk affects the resources assigned to handle the risk and the timing of when appropriate management attention is required.

Risk analysis entails identifying risks from identified internal and external sources and evaluating each identified risk to determine its likelihood and consequences. Risk categorization provides information needed for risk handling based on an evaluation against established risk categories and criteria developed for the risk management strategy. Related risks can be grouped to enable efficient and effective handling of risk management resources.

Inputs:

• Risk Management Log

Outputs:

• Updated Risk Management Log

Controls:

• Risk Parameter and Criteria Checklist
• Application Development Project Risk Assessment Scorecard
• Generic Software Project Risk Factors Checklist

Task Instructions:

Identify Risk

1. 1. Using the Risk Management Log, Application Development Project Risk Assessment Scorecard, and Generic Software Project Risk Factors Checklist [the Project Manager], with support from the Project Team, is responsible for identifying and documenting risk. 
   2. Using the Risk Management Log, [the Project Manager], with support from Suppliers and Stakeholders, is responsible for identifying and documenting risk.
   3. Using the Risk Management Log, [the Project Manager], with support from Project Team Members, Suppliers, and Stakeholders, is responsible for grouping related risks for efficient handling and effective use of risk management resources.

Evaluate, Categorize, and Prioritize Risk

1. 1. Using the Risk Management Log, [the Project Manager], with support from Project Team Members, Suppliers, and Stakeholders is responsible for analyzing.
   2. Using the Risk Management Log, [the Project Manager], with support from Project Team Members, Suppliers, and Stakeholders, is responsible for prioritizing risk based on risk exposure.