Risk Management Services

• Risk Identification
• Risk Responsibilities
• Risk Assessment.
• Risk Response.
• Risk Mitigation
• Risk Contingency Planning.
• Tracking and Reporting
• Processes to Address Immediate Unforeseen Risks Executive Summary

Risk is defined as an occurrence that has a chance of happening and that could have a positive or negative influence on a project if it does. a risk may have one or more causes, as well as one or more consequences if it occurs. For example, requiring an environmental permission to undertake work or having only a few people allocated to develop the project could be a factor. The risk event is that the permitting agency will take longer than expected to issue a permit, or that the allotted employees will be insufficient for the operation. If each of these unpredictable events occurs, the project's cost, schedule, or performance may be affected. All projects involve some level of risk, and risk management is the process of using tools and strategies to monitor and track those occurrences that may have an impact on the project's conclusion. Risk management is a continuous process that lasts the duration of a project. It entails risk management planning, identification, analysis, monitoring, and control activities. Many of these processes are updated as new hazards are discovered over the project lifecycle. The goal of risk management is to reduce the likelihood and impact of incidents that are detrimental to the project. On the other hand, any event that has the potential to be beneficial should be taken advantage of. Risk identification usually begins before the project is started, and the number of hazards grows as the project progresses through its lifecycle. When a risk is detected, it is first evaluated to determine the likelihood of occurrence, as well as the degree of impact on the schedule, scope, cost, and quality, before being prioritized. Risk occurrences may have a single impact category, while some may have many impact categories. The risk priority will be assigned based on the likelihood of occurrence, the number of categories impacted, and the degree (high, medium, low) to which they harm the project. All hazards that can be identified should be recorded in a risk registry and in the form of a risk statement. Two more critical issues must be addressed as part of the risk documentation process. The first are measures that can be taken to reduce the likelihood of an event occurring. The second is a contingency plan, which is a set of operations that should be carried out either before or after the incident. Mitigation actions are typically expensive. The cost of risk mitigation can sometimes outweigh the cost of taking the risk and suffering the consequences. Before opting to adopt a contingency plan, it is critical to weigh the probability and impact of each risk against the cost of mitigation strategies. Contingency plans are proactive measures taken before a danger occurs in order to lessen the impact or eliminate the risk entirely. After a risk has occurred, contingency measures can usually only mitigate the effect. Identifying and documenting incidents that could jeopardize a project's success is only the first step. It's also critical for a risk management team to monitor all risks on a regular basis and report on them in the project status report.