Risk Management

Knowledge Area Definition

The identification, assessment, and prioritization of risks followed by coordinated application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. The strategies to manage threats (uncertainties with negative consequences) typically include transferring the threat to another party, avoiding the threat, reducing the negative effect or probability of the threat, or even accepting some or all of the potential or actual consequences of a particular threat.

Value Proposition

CII has studied risk management and the risk management process since its founding in 1983. During this time, a number of the Institute’s research investigations have shown the value of establishing risk management programs; the research has also isolated key components of the risk management process. This knowledge area  collects the knowledge learned about risk management in the past three decades at CII, including that of seven research teams, presenting the practical and proactive processes necessary to improve risk management in any organization. An excellent place to start any research in this area is Special Publication 181-3, Adding Value through a Practical and Proactive Project Risk Management Process. This publications covers five of the seven research teams in this knowledge area, providing an excellent resource to jump start your exploration of this area.
 

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