This article contains most of the important information you need to know about Risk Governance in order to answer questions related to this topic in the PMI-RMP Exam, I recommend you review this type of articles 1 week before your exam date, all information mentioned are based onPMBOK Guide 5th edition , Practice Standard for Risk Management and Risk Management Tricks of the trade for Project Managers and PMI-RMP Exam Prep Guide , 2nd Edition by Rita Mulcahy .
- It involves oversight of the entire risk management process , making sure activities are consistent and they are improved continuously thorough the organization , it is a matter of non-starting from scratch .
- Responsibility of risk governance falls on the project manager , project management office , risk management department, management of the organization.
- PMO may create some policies and procedures of risk management and serve as governance body overseeing all projects.
- Governance should make sure lessons learned are created and documented for each project , creation of all risk metrics for risk management activities ,
- Risk metrics make it possible to measure the performance of one project against others.
- Some of Policies and procedures that might be set up for all projects :
- Organizational risk tolerances and thresholds.
- Methods to use to identify risks.
- Definitions of impact ratings .
- Standard probability and impact matrix.
