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N O T E
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R I S K M A N A G E M E N T
P R O C E S S F L O W
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Risk Management Process
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring
R I S K D O C U M E N T A T I O N
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Risk PlanningDevelop an organized, comprehensive and interactive strategy and methods for identifying and tracking risk management activity.
R I S K M A N A G E M E N T P R O C E S S F L O W
Assign adequate resources to manage risk
Develop a risk management strategy and approach
Train IPT personnel in risk management techniques
Draft a risk management plan which provides a process to manage risk
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring
R I S K D O C U M E N T A T I O N
Planning Planning
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Risk AssessmentIdentify and analyze risk events in order to rate…
Includes Risk Identification and Risk Analysis Sub-Processes
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring
R I S K D O C U M E N T A T I O N
Risk Assessment Risk Assessment
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Risk IdentificationExamine the program areas and each critical technical component to identify and document associated risk.
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring Risk Assessment Risk Assessment
Risk Identification Risk Identification Risk Analysis Risk Analysis Risk Identification Risk Identification
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Risk Analysis Risk Analysis Risk Identification Risk Identification
Risk AnalysisExamine identified risks, isolate causes, determine the relationship to other risks, express the risk rating (high, medium, low) based on probability and consequences, and prioritize risks in a "watch" list.
Items on the risk "watch" list become prime candidates for identification as "exit criteria", which are critical program results
Exit criteria for the following phase are identified in the a acquisition decision memorandum signed by the milestone decision authority at a milestone or decision review.
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring Risk Assessment Risk Assessment
Risk Analysis Risk Analysis
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Risk HandlingIdentify, evaluate, select, and implement options in order to set risk at acceptable levels given program constraints and objectives.
Specifics on what should be done
When it should be accomplished
Who is responsible
Associated cost
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring
R I S K D O C U M E N T A T I O N
Risk Handling Risk Handling
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Risk MonitoringSystematically track and evaluate the performance of risk-handling actions against established metrics throughout the acquisition process
Results may also provide a basis for developing additional handling options and identifying new risks.
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring
R I S K D O C U M E N T A T I O N
Risk Monitoring Risk Monitoring
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Risk DocumentationRecord, maintain and report assessments, handling analysis, plans, and the results of monitoring
Provides the basis for reporting risk and overall program information, both internally and externally
Done throughout each phase in the risk management process
R I S K M A N A G E M E N T P R O C E S S F L O W
Risk Assessment Risk Assessment Planning Planning Risk Handling Risk Handling Risk Monitoring Risk Monitoring
R I S K D O C U M E N T A T I O N
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R I S K M A N A G E M E N T P R O C E S S F L O W
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