Identify the framework for risk management and how each step impacts a project.
Framework for the risk management :-
There are some components which may be used for the risk management framework. They are -
a) Risk identification -
The first step is to identifying the risks which the company faces that means finding out the possible risks of a company such as operational risks, strategic risks, legal risks, political risks etc. All these risks may affect the project.
b) Risk measurement -
The risk measurement includes either the specific risk or the aggregate risks of a company. For the risk measurement, it is needed to identify the effect of the risks on the overall project. There are some risks which are quite difficult to be measured.
c) Risk mitigation -
After the identifying and measuring of the risks of a project, it is then needed to find ways to mitigate or eliminate the risks of the project. This step also includes the cost of the risk mitigation.
d) Risk reporting and monitoring -
This step includes the maintaining of the risk levels at an optimal level and that can be done by reporting the risk measurement regularly.
e) Risk governance -
This step ensures the employees need to work or perform their duties as per the risk management framework. It involves defining the roles of every employees to get a general oversight of the project activities.
Hope this helps :)
Identify the framework for risk management and how each step impacts a project.
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