ANZIIF - Five steps I should take to establish a risk management framework for HPF are Step 1 Communication and Consultation with stakeholders The first

ANZIIF - Five steps I should take to establish a risk...

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Five steps I should take to establish a risk management framework for HPF are: - Step 1: Communication and Consultation with stakeholders: T he first key step for HPF in risk management process is to establish communication and consultation channels with internal and external stakeholders. HPF should communicate/consult throughout the risk management process to ensure the risk management program remains on track and relevant to HPF's objectives. Step 2: Establishing the context: The second step for HPF in the risk management process involves defining the strategic, organisational and risk management contexts of an organisation. HPF should be considerate of following key elements while establishing the context: - External factors - Internal factors - Risk management process context - Definition of risk criteria. Step 3: Risk assessment involves following: Step 3.1: Identify the Risk. HPF should be first identify the Risk. The team should first uncover, recognize and describe risks that might affect Chris's goals or its outcomes. There are a number of techniques that the team can use to find project risks. During this step they should start to prepare Project Risk Register which will help them to address the risk efficiently and effectively. Step 3.2: Analyse the risk . Once risks are identified the HPF team needs to determine the likelihood and consequence of each risk. It is important to develop an understanding of the nature of the risk and how potentially it can affect the goals and objectives of the project. This information should also input to Project Risk Register. Step 3.3: Evaluate or Rank the Risk. HPF then should evaluate or rank the risk by determining the risk magnitude, which is the combination of likelihood and consequence. The team makes decisions about whether the risk is acceptable or whether it is serious enough to warrant treatment. These risk rankings are also added to HPF's Project Risk Register. Step 4: Treat the Risk. This is also referred to as Risk Response Planning. During this step HPF will have to assess its highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels. The team will have to create risk mitigation strategies, preventive plans and contingency plans in this step. And then add the risk treatment measures for the highest ranking or most serious risks to HPF's Project Risk Register. 1
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Step 5: Monitor and Review the risk. This is the step where HPF team will take its Project Risk Register and use it to monitor, track and review risks. The risk manager (Chris Pearce) needs to clearly identify and understand each stakeholder group and their different objectives for HPF to meet its operational goals. Internal Stakeholders : Internal stakeholders are entities within business some of them are listed below with their roles and objectives towards HPF: 1. Employees: All the employees are responsible for risk management, from the board of directors to the office cleaners. All employees need to understand the part they play and have the tools to enable them to manage and report risk. As listed below, specific employees
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  • Spring '17
  • Sui
  • HPF

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