08. Risk Management¶
At a glance
- Module: 08 of 13 · Part III — Planning Knowledge Areas
- Sessions: S18 (Week 9)
- Level: Intermediate
- Estimated time: ~5 hours
- Prerequisites: Module 03
Overview¶
A risk is something that has not happened yet but could, and that would matter if it did. Risk management is the practice of finding these possibilities early, deciding which deserve attention, and acting before they turn into problems.
The discipline has an optimistic half too: opportunities — uncertain events that would help if they occurred — deserve the same deliberate treatment as threats.
Learning outcomes¶
By the end of this module you should be able to:
- Distinguish risks from issues, assumptions, and constraints.
- Identify risks systematically, using several complementary techniques.
- Assess probability and impact, and prioritise risks with a risk matrix.
- Maintain a risk register with owners, triggers, and responses.
- Select appropriate response strategies for threats and for opportunities.
- Monitor risks and recognise when a risk has become an issue.
Lesson plan¶
| # | Lesson | Session | Status |
|---|---|---|---|
| 01 | Risk Identification and Response Planning | S18 | Available |
This module has a single session, so Lesson 1 covers the full cycle: risk versus issue, identification techniques, probability and impact assessment, response strategies for threats and opportunities, and the owners and triggers that keep a register alive. Monitoring and escalation are reinforced in Module 11 Lesson 2.
Session 17 is the mid-course consolidation point that precedes this module — a checkpoint rather than new content.
Lab¶
- Lab 11 — Developing a Risk Register — score, rank, and respond, using the Risk Register template.
- Lab 17 — Risk Response Strategies and Contingency — calculate residual exposure and justify the contingency figure a sponsor should approve.
Case study¶
A case on a risk that was identified and mitigated — and one that was not — is planned. See the Case Studies overview.
Self-assessment¶
A module quiz is planned. See the Self-Assessment overview.
Key terms¶
Risk · Issue · Assumption · Constraint · Risk register · Probability · Impact · Risk matrix · Mitigation · Contingency plan · Trigger — see the Glossary.