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Ch. 6 Risk Identification

Terms in this set (12)

Facilitated Workshops
ID risks in dynamic way, helpful to include reps from diverse groups in the organization during these workshops because discussion of the combined and cascading effects of risks provides valuable info on level of risk + priority
Delphi Technique
Uses opinions of a select group of experts to identify risks. Standard technique: submitting two rounds of queries to the selected experts
Scenario analysis
ID various risks and projects the potential consequences of those risks. Useful in IDing range of potential consequences + in prioritizing risks. Org should assemble an internal cross-functional team to obtain a multidimensional view of the potential consequences of a risk.
HAZOP
Subdivide the design process into components and ID risks associated with each. A study team assembles in a facilitated workshop and follows these steps: subdivides the project or system design into small components, reviews each component to ID risks, IDs cause and potential outcome for each risk, develops a solution for each risk.
SWOT
strengths, weaknesses, opportunities, and threats. Type of team approach is useful in analyzing a new project or product. Strength/weaknesses = internal. Opps/threats = external.
Risk register
tool developed at the risk owner level that links specific activities, processes, projects or plans to a list of identified risks and results of risk analysis + evaluation and that is ultimately consolidated at enterprise level.
Purpose of risk register
matrix to ID risks according to likelihood and potential consequences for the organization
Risk map
A template depicting the likelihood and potential impact/consequences of risks.
Inherent risk
risk to an entity apart from any action to alter either the likelihood or impact of the risk
Residual risk
risk remaining after actions to alter the risk's likelihood or impact
Optimum risk
level of risk that is within an org's risk appetite
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