Identifying and managing project risks

Identifying and managing project risks is the process of determining potential events or circumstances that could negatively impact the project. The capability involves conducting risk assessments involving stakeholders, and developing risk management plans.

Beginner competence definition

A beginner-level competence involves identifying potential risks to a project, such as delays in project timelines or unexpected changes in market conditions, and taking appropriate action to mitigate or manage those risks. Strategies to address those risks include building in extra time for contingencies or adjusting project budgets. We have also found that beginners are able to communicate potential risks to key stakeholders and collaborate with team members to develop effective risk management plans.

Intermediate competence definition

Intermediate-level competence involves being able to conduct in-depth risk assessments and develop comprehensive risk management plans that address potential risks from all angles. It includes conducting thorough research and analysis to identify potential risks, implementing strategies for both short-term and long-term risk management, and regularly monitoring and updating the risk management plan as needed. We have also found it involves effectively communicating potential risks and the corresponding risk management plans to both internal and external stakeholders, and collaborating with team members and stakeholders to ensure that all potential risks are properly addressed and managed.

Advanced competence definition

Advanced-level individuals are able to anticipate potential risks and proactively implement strategies to mitigate or manage those risks before they occur. This includes conducting thorough research and analysis to identify potential risks, as well as implementing strategies such as contingency planning and risk transfer to address those risks. We have also found advanced individuals can effectively lead a team in the development and implementation of comprehensive risk management plans, and adapt those plans as needed to address changing project circumstances and potential risks.