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Project Management – Developing a Risk Management Plan 1) Establish risk context: Identify the risk.

Project Management – Developing a Risk Management Plan
1) Establish risk context:
Identify the risk management context (scope) in which the case study organisation operates, review relevant policy, processes, legislation and systems as they relate to risk management, apply the principles of the current AS/NZS ISO risk management standard. Identify key stakeholders and their issues. Assess the strengths of weaknesses of the current system.
2) Identify and analyse risks :
Describe how you would engage relevant stakeholders to assist in the identification of risks. Select two risk categories that affect the case study organisation and develop a risk management plan in consultation with stakeholders that identifies the risks. Provide evidence of at least two tools used to identify the risks, e.g. PEST, SWOT analysis. Ensure the risk management plan clearly articulatesthe likelihood of risks occurring, assesses the impact or consequence if risks occur. Evaluate and prioritise risks for treatment. Show how you would communicate the risk management process to the relevant stakeholders
3) Treatment Implementation and Review:
Select appropriate strategies for treating prioritised risks and develop an action plan for treatment of risk. Consider what risk mitigation strategies are available to the case study organisation for these identified risks. Describe how you would implement and monitor progress against the action plan and how you would evaluate the effectiveness of the risk management process. What documentation would be required and how should this be managed to ensure appropriate records are kept.

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