Business Risk Management

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Are you new to Risk Management and struggling with Risk Management terms?
Are you appearing in any certification exam such as PMP and want to refresh your understanding of Risk Management?
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How do you define risk? Risk is something which stops your organization to achieve its objectives.

What is risk management?
Five steps of managing risk include:
  1. Planning for Risk Management
  2. Identifying Risks
  3. Analyzing Risks
  4. Planning Risk Response
  5. Monitoring and Controlling Risks
Identified risks are recorded in risk register. These risks are analyzed using quantitative or qualitative techniques. One qualitative technique which is commonly used in Probability and Impact Matrix. I have explained this easy to use in detail in this course.
Risks could be negative or positive (opportunity). What are the approaches to address positive and negative risks? We need not only to address the negative risks but also the positive risks.
ISO 9001:2015 is in the process of getting revised. One new thing in this standard is Risk Based Thinking. This ISO 9001 standard will be released by end of 2015. This development has created a great interest in Risk Management.


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