Who is a Risk Manager? what skills does he require? This document resumes all you need to know about risk management

1. Risk Management
Everything you need to know about risk management!

2. The
Risk
Manager

3. The
Risk
Manager
…identifies potential risks that may affect the organization.

4. Performing effectively as a risk manager you have to
be comfortable taking up a central position,
interacting with members of other teams within the
company and with customers.
Source: Keys to becoming a good risk manager

5. Once risks have been identified and assessed, risk
managers work to implement procedures to overcome,
transfer, or at least minimize them.
Performing effectively as a risk manager you have to
be comfortable taking up a central position,
interacting with members of other teams within the
company and with customers.
Source: Keys to becoming a good risk manager

6. What are the
main
sources of risk?

7. What are the main sources of risk?
Scope
Planning
Resource
Technological
Source: What are the main risks in project management

8. What are the main sources of risk?
Scope
Planning
Resource
Technological
Source: What are the main risks in project management

9. What are the main sources of risk?
Scope
Planning
Resource
Technological
Source: What are the main risks in project management

10. What are the main sources of risk?
Scope
Planning
Resource
Technological
Source: What are the main risks in project management

11. PMBOK’s
6 steps
to controlling risk

12. Planning
Like any other aspect of project management, risk prevention and
response in the case of risk occurrence should be subject to strict
planning.
Risk management is iterative, implying that the planning phase will be
reviewed after each cycle.
Source: 6 steps to control risk

13. Identification
It is essential to identify all risks that may potentially influence the
project so that the necessary precautions can be taken and disaster can
be avoided.
Tools can be used to identify risks, such as:
The Ishikawa diagram
SWOT analysis
Expert judgement
Source: 6 steps to control risk

14. Identification
It is essential to identify all risks that may potentially influence the
project so that the necessary precautions can be taken and disaster can
be avoided.
Tools can be used to identify risks, such as:
The Ishikawa diagram
SWOT analysis
Expert judgement
Source: 6 steps to control risk

15. Identification
It is essential to identify all risks that may potentially influence the
project so that the necessary precautions can be taken and disaster can
be avoided.
Tools can be used to identify risks, such as:
The Ishikawa diagram
SWOT analysis
Expert judgement
Source: 6 steps to control risk

16. Identification
The Risk Manager is the facilitator of risks. Project management
professionals identify the risks, and go to the risk manager who has the
tools to manage and nullify these risks.
Source: 6 steps to control risk

17. The qualitative analysis are used initially to filter risks and prioritize them
in order of importance/severity.
A useful tool is the free online risk assessment matrix with which you
can analyse, customize and share risk sets in an easy to use, highly
graphical way.
Qualitative Analysis
Source: 6 steps to control risk
Click here to have a look

18. Quantitative Analysis
This is a more comprehensive analysis, but also more complex and time
consuming. To perform a quantitative analysis, specific quantitative risk
analysis systems should be used, such as mathematical simulations:
Monte Carlo
Decision tree
Bow tie analysis
Source: The Monte Carlo method in Project Management

19. Quantitative Analysis
This is a more comprehensive analysis, but also more complex and time
consuming. To perform a quantitative analysis, specific quantitative risk
analysis systems should be used, such as mathematical simulations:
Monte Carlo
Decision tree
Bow tie analysis
Source: 6 steps to control risk

20. Quantitative Analysis
This is a more comprehensive analysis, but also more complex and time
consuming. To perform a quantitative analysis, specific quantitative risk
analysis systems should be used, such as mathematical simulations:
Monte Carlo
Decision tree
Bow tie analysis
Source: 6 steps to control risk

21. Response planning
Developing a pre-planned approach to transfer or mitigate risks upon
identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk

22. Response planning
Developing a pre-planned approach to transfer or mitigate risks upon
identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk

23. Response planning
Developing a pre-planned approach to transfer or mitigate risks upon
identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk

24. Response planning
Developing a pre-planned approach to transfer or mitigate risks upon
identification.
Risk verification
Pre-planned procedure
Transfer, mitigate or avoid
Contingency plan for risks beyond control/scope
Source: 6 steps to control risk

25. Monitoring
• Frequently review risks.
• Document any changes in risk status.
• Identify the warning signs.
The risk log will be essential for monitoring and improving the detection
of risk, because any past risks will have been documented
Source: 6 steps to control risk

26. Training
and
Certification

27. Training and certification
If you want to become a risk manager, you will have to combine two types of
training. On the one hand, you must be a specialist in a particular field.
Source: How to become a risk manager – certificates and training

28. Training and certification
If you want to become a risk manager, you will have to combine two types of
training. On the one hand, you must be a specialist in a particular field.
For example, if you want to be a risk manager in the field of medicine or
pharmaceuticals, you’ll need medical training, or hospital management training.
Source: How to become a risk manager – certificates and training

29. Training and certification
If you want to become a risk manager, you will have to combine two types of
training. On the one hand, you must be a specialist in a particular field.
On the other hand, you need to acquire specialist training in risk management. Several
institutions offer specific degrees in these areas.
For example, if you want to be a risk manager in the field of medicine or
pharmaceuticals, you’ll need medical training, or hospital management training.
Source: How to become a risk manager – certificates and training

30. PHD
programs
Columbia University’s
Decision, risk and operations
University of Pennsylvania’s
insurance and risk management
Source: How to become a risk manager – certificates and training

31. Higher education
certificates
A host of Higher Education Institutions in the US offer Risk Management
courses, i.e. Stanford’s strategic decision and risk management courses.
Source: How to become a risk manager – certificates and training

32. Corporate
certifications
If you’re interested in in-company training tailored to the needs of your organization
and in implementing international standards like ISO 31000:2009, you can look up:
• BSI’s risk management training courses
• ASQs’ risk management essentials and implementation strategies
Source: How to become a risk manager – certificates and training

33. Prominent institutions
in UK and US
UK
• Institute of Risk Management
• The Chartered Insurance Institute
US
• Project Management Institute
• International Risk Management Institute
Source: How to become a risk manager – certificates and training

34. ISO Standards
of
Risk Management

35. ISO Standards of Risk Management
The ISO Standards have published over 21000 international standards and
related documents covering almost every industry.
ISO Standards for businesses are strategic tools that reduce costs by
minimizing waste and errors, and increasing productivity.

36. ISO 31000 – Risk Management
The ISO 31000 is the general code for all standards on risk management.
These standards, provide organizations with the necessary guidance to
ensure that risks are managed effectively and the business can perform
efficiently.

37. ISO 31000:2009
Presents a framework, provides principles and gives a process for risk
management.

38. IEC 31010:2009
A supporting standard for the ISO 31000 Risk Management, which gives
advice and assistance on choosing the most appropriate techniques and
tools for managing risk in your organization.

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40. Click here if you want to learn more!
• Risk Assessment Matrix
• Keys to becoming a good risk manager
• How to become a risk manager – certificates and training
• New free online risk assessment matrix
• What are the main risks in project management
• 6 steps to control risk