BSBRSK501: Review Organizational Processes, Procedures, And Requirements For Undertaking Risk Management: Manage Risk Assignment, OU, Australia

1. Establish risk context

1.1.      Review organizational processes, procedures, and requirements for undertaking risk management in accordance with current risk management standards

1.2.      Determine scope for risk management process

1.3.      Identify internal and external stakeholders and their issues

1.4.     Review political, economic, social, legal, technological, and policy context

1.5.     Review strengths and weaknesses of existing arrangements

1.6.      Document critical success factors, goals, or objectives for areas included in the scope

1.7.     Obtain support for risk management activities

1.8.     Communicate with relevant parties about the risk management process and invite participation

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2. Identify risks

2.1.      Invite relevant parties to assist in the identification of risks

2.2.     Research risks that may apply to the scope

2.3.     Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties

3. Analyze risks

3.1.      Assess likelihood of risks occurring

3.2.      Assess impact or consequence if risks occur

3.3.     Evaluate and prioritize risks for treatment

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