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Friday, June 8, 2012

Risk Governance

The Risk Governance is the smallest domain in terms of the number of questions it contributes to the final RMP Exam but, it is one of the most important areas that can have far-fetched impact on all aspects of Risk Management in your Project. So, we need to concentrate on this domain as well in order to be better project managers. The exam objectives of this domain are:
a. Document Lessons Learned
b. Refine Risk Policies & Practices
c. Create the Risk Management Plan
d. Establish metrics for the Risk Management Processes
e. Examine Process Performance
f. Monitor Risk Performance
g. Identify Relevant Policies & Standards

Unlike the other domains where the no. of objectives are less, this domain actually has multiple exam objectives that are pretty complicated. This domain has a heavy presence during the early stages and towards the final stages of the Risk Management cycle. The other domains are not like this. They have specific time-lines in the Risk Management Cycle as to when they will be used. Creating the Risk Management Plan and Evaluating & Monitoring Risk Performance are two important aspects of Risk Management that fall under this domain. Similarly the activities that happen during the end stages like documenting and archiving lessons learned are also part of this domain.

The main idea behind this risk governance domain is to create/establish Standards and Policies in your Project/Organization in order to facilitate effective Risk Management. Establishing good policies & standards are aimed at continuously improving the processes used in the project. The policies and standards established in this domain are used during all activities of Risk Management. Suppose the performance of the response to a risk is not up to par, we can implement corrective action based on the guidelines & standards established in this domain.

The Areas of Risk Management that fall under this Risk Governance Domain are:
a. Creating the Risk Management Plan
b. Creating the Framework for the Risk Management Processes
c. How to Document & Archive Lessons Learned
d. Creating Risk Policies & Processes
e. Continual Process Improvements
f. Evaluate Performance Against Baselines
g. Interpreting Metrics
h. Conflict Management &
i. Result Measurement

We have successfully covered in brief the Risk Management Framework and its four pillars or domains. So, it is now time to dive head first into each of these domains one by one to reach their true depths!!!

Prev: Plan Risk Response

Next: What is Project Risk?

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