During implementation of a project continual review

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During implementation of a project continual review of risks should be undertaken toidentify if any further identified risks have appeared or new risks emerged.This could bedue to:-an unforseen risk-a change in the scope of the project-an unplanned change-incorrectly assessed risksRisk reports identify changes in the environment for example it can be a tool to identifyany risks to theproject that may not have been initially considered at the start of theproject.Formal risk reporting should:-address control methods being used-the processes used to identify the risksprimary control systemsmonitoring and review systemsA risk audit can be used to ensure that the proper risk management proceduresand policies are being followed.Monitoring and audit records should document:outcomes of risk auditsoutcomes of monitoring procedureshow recommendations are followed uphow recommendations were implementedfrequency of reviewmechanisms used9.Send an email to the General Manager (your assessor).Manage project risk - BSBPMG517Issue Date: 24/07/2017Page26of53
BSBPMG517 Manage project riskStudent Assessment TasksThe text of the email should be in grammatically correct English, written in anappropriate (polite, business-like) style.It should introduce and summarise the contents of the attachment, and ask forthe place, time and date of your meeting.Attach your project risk notes to the email.Dear General Manager,Hope this email finds you well.I am introducing you risk management plan which includes following tasks:Identify risk objectives and standards.Summary of the risk identification methods used to identify the project risks.Establish the project risk context.Identify an appropriate risk ranking systemDetermine risk analysis classification criteriaClassify the identified risks within risk categoriesDetermine risk prioritiesPlease let me know if you have any questions or concerns.Thank you,Manage project risk - BSBPMG517Issue Date: 24/07/2017Page27of53
BSBPMG517 Manage project riskStudent Assessment Tasks10.Participate in a meeting with the Project team and the CEO.At the meeting, go through your risk management plan with the attendees,ensuring that they agree with the assumptions that you have made. Describeeach of the risks that you have identified, as well as the questions youconsidered to identify the risks.Ensure that the meeting participants agree with your risk ranking system, andhow it applies to your analysis classification criteria.Discuss the likelihood and the severity of each risk, and its overall risk rating asset out in the Risk Register.Discuss also possible treatments for each risk. For each treatment, identify anddiscuss their strengths and weaknesses as set out in your report.Agree on risks that need to be documented in the Risk Register as set out in thePolicy and Procedures, as well as actions (treatment control measures) thatshould be taken for each risk.

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Manage Project Risk

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