Risk

Risk management is a formal and structured process that enables the identification, assessment, planning and management of risks associated with a project, programme, portfolio and Enterprise. 

Description:

Risk management is a formal and structured process that enables the identification, assessment, planning and management of risks associated with a project, programme, portfolio and Enterprise.  The overall purpose of risk management is to increase the likelihood of meeting project and business objectives, outcomes or strategic direction.  Risk management should protect the business by maximising opportunities and minimising threats providing a framework to control risk at all levels in the organisation.

Risk management is a process that allows individual risk events and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities.

APM Body of Knowledge

Typical roles and responsibilities:

Whilst on the scheme graduates undertake placements to gain exposure to differing aspects of risk application. Dependent upon availability and current business need, this could include supporting risk management within a project at various points through its lifecycle, or a programme as it delivers its benefits, through to supporting functional and enterprise risk perspectives. Whilst undertaking these roles, the graduate is given responsibilities such as:-

  • Day to day management of risks on a project, programme or enabling function.
  • Maintaining current risk registers to an appropriate quality.
  • Identifying new risks.
  • Assisting in risk reviews.
  • Ensuring appropriate mitigating plans are in place which are tracked to ensure risks are managed.
  • Liaising with the team to produce fit for purpose risk management plans.
  • Undertaking quantitative Monte Carlo risk modelling which requires close understanding of cost and schedule management to produce P50 and P80 values.
  • Supporting risk practitioners.

Progression possibilities:

Within Risk Management there is a lot of scope for career progression. A career pathway is in place for the risk profession and professional development through the Association for Project management is recognised. Together with the many opportunities available to be deployed across the breadth and depth of the enterprise, a career is possible to develop into a risk practitioner, specialist or manager.

Suitable degree disciplines:

  • Engineering
  • Maths
  • Physics
  • Business
  • Science related

 

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