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solved assignments semester 4 Q. What are the responsibilities of project risk manager and project risk management team in risk management?

Answer: Risk Management Responsibilities
Each and every person in the project team has a responsibility of performing a particular task and must indulge in risk management process. This depends on the person's actual interest in the project which can be determined by the extent of involvement and the actual project task executed by that person.

Basic risk management practice can provide clear understanding of risk management responsibilities. Each
individual tasks and liability, both inside and outside an organisation, must be clear to make sure that all essential responsibilities are covered by appropriate individuals.

Below are the key risk management responsibilities undertaken by the each person in a project team.

Project risk manager
As the project manager manages the project, the project risk manager manages the project risks in the similar way. The responsibilities of project risk manager are to:
·                     Select a project risk management method and implement it.
·                     Develop a strategy for project risk management.
·                     Implement a strong infrastructure of project risk management.
·                     Manage project risk within risk management context, which include setting objectives to reach project goals.

Project risk management team
The project risk management team helps to carry out risk management process. The responsibilities of project risk management team are to:
·                     Assist in risk identification and analysis.
·                     Provide a mechanism for project risk management.
·                     Develop a risk profile based on quantification and qualification analysis.
·                     Incorporate any interpretation and recommendations done in the risk profile.
·                     Provide a report or feedback on risk profiles.
·                     Update the risk profile and make it available to the project manager.
·                     Track the risk profiles.
·                     Provide guidance on any aspect of project risk management process.

Project risk profile owners
Project risk profile owners must make sure that they deal with each and every risk of the project. The responsibilities of the project risk owners are to:
·                     Include the risk management and risk action plans in the risk profiles.
·                     Make sure that the values of risk profile are objective.
·                     Enforce risk action plans.
·                     Provide remarks on any additional risks.
·                     Convey any changes made in the project to the project risk management team to have absolute measures of risk for further consolidation and reporting.
·                     Interaction with team members about specific risks.

Project risk custodians The quality risk function is carried out by the project risk custodians. The responsibility of project risk custodians is to:
·                     Integrate all possible risks into a specific risk category.
·                     Allot the project risk profile owners to this category.
·                     Provide an update to project risk manager regarding the progress of action plans implemented in the project.
·                     Provide essential resources for successful implementation of risk action plans.

Project team members Ensuring success of a project is one and only goal of all the project team members. The responsibilities of project team members are to:
·                     Provide necessary information.
·                     Provide support in executing action plans which are defined by the project risk profile owners.
·                     Report risk management team of any new risk that is found during life cycle of project. Some other risk management responsibilities taken in general include:
·                     Adopting financial protection actions which can be done through various risk avoidance, risk transfer and risk retention programs.
·                     Designing insurance programs for coverage at the most reasonable cost.
·                     Designing suitable corporate infrastructure to make clear interaction of risk issues, practices, and procedures in an organisation. The implementation of risk management process can be successful by combining risk management with the existing organisational processes like corporate planning, performance reporting, training development and so on. Adjusting risk management vision and objectives with corporate objectives and strategic direction helps to make risk management meaningful and relevant to all employees.


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