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Introduction to Risk Management

Scenario:

You are a project manager working in the mortgage banking industry. Your manager informed you that government agency auditors are coming to the headquarters to perform an audit. The emphasis will be on the risk management program. This audit is very important because penalties for noncompliance can be high. This audit is a top priority for the entire company, and your manager has asked you to be prepared to answer questions about the bank’s risk management program.

Your manager told you to review and analyze all documentation associated with managing risks and to explain the following:

Different types of risks that your bank manages
How threats and opportunities are identified, analyzed, responded to, and monitored
The risk management plans that the bank has in place
You should know everything from program-level to risk management documentation used in each phase of the process, as well as the tools and techniques used to manage risks.

The manager wants you to watch the following two videos and then prepare a discussion about risks, risk management, and risk management processes using the list of questions below (QualityGurus, 2013; RiskX: Risk Management for Projects, 2017):

Introduction to Risk Management

Videos

What is risk?
What is risk management?
What constitutes a threat to a project?
What opportunities are available to projects?
What are industry examples of a specific risk management requirement in the preventive action clause?
How should risk management planning be done?
What are key characteristics of risk?
In risk analysis, what are the considerations for risk?
What is the goal of applying risk response strategies for positive risks?
What is one of the most common risk identification techniques?
Risk analysis can be done from what aspect?
What are the important tools used in risk analysis?

Sample Solution

general and exhaustive definition (Reiss, 2007). Gardiner (2005) characterizes a venture as a brief and outstanding action that use scant assets to create benefits for partners in the midst of vulnerability and intricacy. An undertaking is a fleeting partnership that arrangements with dispersing capitals to possibilities that are equipped for making a positive change (Turner, 2014) Similarly, a task is a brief time frame adventure left on to achieve a significant result, item or administrations (Project Management Institute 2008) (Association of Project Managers 2012). 2.2 Project Management. Project Management has no all around acknowledged definition and it is a moderately new type of study (Pellegrinelli, 2011). As per Kerzner (2013), project the executives is the actualisation of a business' goal and objectives through arranging, coordinating. Arranging and sufficient administration of open assets. The Association of Project Management (2012) states that project the executives is the utilization of cycles, frameworks, data, abilities and experience for the achievement of task objectives. 2.3 Project Success Project achievement is an idea in project the executives that is difficult to characterize because of the vulnerability of the variables that requires project achievement (Papke-Sheilds, Beise and Quan, 2010). Clearly, the traditional measuring stick of task achievement in light of the Iron triangle's models of cost, time and quality; which seems nonsensical and unbending is of a lesser need and a more reasonable present day approach of estimating achievement; which involves the capacity of a venture to make worth and partners' fulfillment; is currently the rules for estimation of undertaking a positive outcome. (Muller and Jugdev, 2012). As indicated by Stingl and Geraldi (2017), one of the fundamental component for project progress in the administration of venture is independent direction, which considers the most suitable procedures for the pre-origination to post-fruition periods of the task. 2.4 Decision Making Direction is the force to be reckoned with of each task; choices made at pre-origination, in-undertaking and post - project phases of the venture, characterizes a definitive progress of the undertaking (Stingl and Geraldi 2017). The Business Dictionary (2018) characterizes decision-production as the consistent determination of the most fitting choice from accessible other options. Additionally, Merriam Webster Dictionary (2018) states that direction is the demonstration of pursuing choice especially with a gathering of people. Tiwary (2013) depicts decision-production as the technique or procedure took on by a venture to actualise put forth objectives. Reese and Rodeheav
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