Training on Project Risk Management & Compliance

Training on project risk management & compliance equips project managers, program managers, technical leaders, and sponsors with the skills to proactively manage project risks and ensure compliance. You'll learn to identify and assess both threats and opportunities, utilizing both qualitative and quantitative risk management techniques. We'll cover a proven six-step risk management process, emphasizing early risk identification and mitigation to minimize cost and schedule overruns and improve project quality. A significant focus will be placed on compliance with internal policies and external regulations, ensuring your projects avoid costly delays and penalties. The program is designed to transform your approach to project management, enabling you to deliver projects on time, within budget, and to the highest standards.

Key Features:

• Proactive Risk Management: Learn to identify and mitigate risks before they impact your project.
• Six-Step Process: Master a proven six-step process for effective risk management.
• Qualitative & Quantitative Techniques: Apply both qualitative and quantitative approaches to risk analysis.
• Compliance Focus: Understand and manage compliance risks effectively.
• Real-World Case Studies: Learn from real-world examples of successful and unsuccessful risk management.

Target Audience:

This training on project risk management & compliance course is designed for project professionals at all levels:

• Project Managers
• Program Managers
• Technical Leaders
• Project Sponsors/Owners

Training Objectives:

Upon successful completion, you will be able to:

• Understand the Risk Management Process: Gain a comprehensive overview of risk management methodologies.
• Identify Project Risks: Identify risks that impact project quality, time, cost, and scope.
• Analyze & Mitigate Risks: Apply techniques to identify, analyze, mitigate, and monitor project risks.
• Develop Risk Management Strategies: Create effective risk monitoring plans and strategies.
• Use a Six-Step Process: Implement a practical, six-step process to manage project risks.
• Develop a Risk Budget: Create a risk budget based on expected monetary value (EMV).

Course Outline:

Module 1: Risk Management Framework & Planning

• Key Definitions (risk, uncertainty, probability, impact)
• Project Risk Management Goals & Objectives
• Purpose & Benefits of Risk Management
• Responsibilities in Risk Management
• Integrating Risk Management into Project Management
• Components & Types of Risk
• Six-Step Risk Management Process (Plan, Identify, Analyze, Respond, Monitor, Evaluate)
• Risk Planning (Step 1): Planning Inputs, Tools & Outputs

Module 2: Risk Identification Processes

• Risk Identification (Step 2): Inputs, Tools & Techniques
• Risk Identification Guidelines & Best Practices
• Risk Identification Techniques (brainstorming, checklists, SWOT analysis)
• Risk Categories (technical, schedule, cost, etc.)
• Risk Identification Outputs (risk register)
• Cost & Schedule Estimating in Relation to Risk:

• Cost Estimating Classes & Types
• Cost Estimating Methods (parametric, bottom-up, analogous)
• Accuracy, Allowances, Contingency & Management Reserve
• Work Breakdown Structures (WBS)
• Schedule Diagramming (CPM)
• Resource Management
• Earned Value Management (EVM)
• Baselining

Module 3: Risk Assessment & Quantification

• Risk Assessment & Quantification (Step 3): Inputs & Guidelines
• Probability Analysis
• Impact Analysis
• Risk Analysis Approaches (Qualitative & Quantitative)
• Risk Analysis Tools & Techniques (probability & impact matrices, decision trees, Monte Carlo simulation, PERT)
• Statistical Sums in Risk Analysis
• Project Risk Rating & Prioritization
• Risk Analysis Outputs (risk register updates)

Module 4: Risk Response Plan Development

• Risk Response Development (Step 4): Inputs, Tools & Techniques
• Risk Response Strategy Guidelines
• Response Strategies for Threats (avoidance, mitigation, transfer, acceptance)
• Response Planning & Network Diagramming
• Response Analysis (cost-benefit analysis, EMV)
• Alternative Responses
• Reserves (contingency & management)
• Response Planning Outputs (risk register updates, risk response plan)

Module 5: Risk Response Control & Evaluation

• Risk Management Plan Execution (Step 5)
• Risk Response Control Tools & Techniques
• Risk Response Control Guidelines
• Risk Strategy Execution & Monitoring
• Evaluating Risk Response Results (Step 6)
• Risk Documentation & Reporting