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
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?