RISK MANAGEMENT

Risks affect an organization if it is negative and can also improves an organization if it is positive. The conclusion is that risk can be good or bad depending on the situation and process. It can occur in various places like financial markets,credit risk, legal risks or project failure risk in project management.
Generally there are two types of risks. First is the negative risk which brings only failure and second is the positive risk which brings opportunities to do something different. In project management field, you can go through different types of risks at different phases. Risk management is a contiguous process as it never ends. Risk management must be done at very early phase of project management otherwise it can create lot of problems in the further project management phases.

The purpose of risk management is to:

Identify the risk
Allocate or reduce it
Plan to overcome risk

Principles of Risk Management:

Should be systematic and structured
Should create value
Should be based on the best available information
Should be an integral part of an organization
Should be tailored to the project
Should be dynamic

Any professional part of a project

Secondary degree (highschool diploma, associate’s degree, or the global equivalent)
4,500 hours of projectrisk management experience
40 hours of project riskmanagement education
OR
Four-year degree (bachelor’s degree or the global equivalent)
3,000 hours of project risk management experience
30 hours of project risk management education

It consists of 170 multiple choice questions and will be given 3.5 hours to complete it.

Project team members responsible for assessing and identifying project risks while mitigating threats and capitalizing on opportunities.