Risk Governance

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 :
  1. Organizational risk tolerances and thresholds.
  2. Methods to use to identify risks.
  3. Definitions of impact ratings .
  4. Standard probability and impact matrix.

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