Risk Management Final Assessment: Outline and Rubric Purpose of this Assessment As noted in a Forbes article by Juetten (2019), “any attempt to bring risk under control requires knowing what those risks are” (para.3). In this competency, you learned about risks related most closely to the workplace environment, including concepts such as workplace safety promotion, implementation, and monitoring; insurance policies; and worker’s compensation and insurance. Furthermore, you also learned the elements of conducting a risk/benefit analysis and how to mitigate risks. While the focus of this competency was specific to workplace risk, you are welcome to adapt this Final Assessment to a scenario that will be most beneficial to your current or future career. This means that you are welcome to evaluate and develop a project, departmental, or company-wide Risk Management Plan. Items Required for Submission 1. Create a Risk Management Plan utilizing the template provided here. Step ONE: Preparation In preparation for completing this Final Assessment, please review the competency content and view the Risk Management Plan Template seen in the section for Items Required for Submission. As noted in the template, this can be modified and adapted to fit your Risk Management related scenario, meaning that you are welcome to remove and add sections as needed. This Risk Management Plan should be an item that would be useful to your current of future career development, so you’re welcome to create this plan from the perspective of workplace safety or expanded to review a project or department risk management plan that addresses diverse risks associated with a project or department (costs, timelines, budgets, operations, supplier relations, etc.). Final Assessment: Outline and Rubric 1Risk Management Final Assessment: Outline and Rubric Step TWO: Select your Risk Management Plan Scope Before you begin completing your Risk Management Plan you will need to determine the scope of your Risk Management Plan and it will help to review the template above. Some questions to consider would include the following: ● Are you in an organization (for employment, social, or personal reasons) that could benefit from a Risk Management Plan? ● Are you working in a department that could benefit from a Risk Management Plan? ● Are you currently or in the future planning to engage in a project (personal or professional) that would benefit from a Risk Management Plan? ● Do you plan to focus more closely on alignment with the competency content to review workplace safety, Occupational Safety and Health Administration (OSHA) regulations, insurance, and worker’s compensation? OR ● Do you plan to align your assessment of risks closer to a business scenario related to the scope of your Risk Management Plan? As you consider the scope of your Risk Management Plan, if you have any questions please contact your Tutorial Faculty to discuss potential ideas to have a better understanding of the direction for your Final Assessment. Step THREE: Write Your Risk Management Plan Start with downloading a copy of the Risk Management Plan Template provided above in Items for Submission. The following are key components of the Risk Management Plan Template; however, you may opt to add or remove sections as they apply to your project, department, or company/organization. Your final version of the template should have extraneous template guide information removed, be in a format that would be presentable to leadership within your company/organization, and be at least 4 pages. Title Page ● You are welcome to remove the stakeholdermap.com image/logo. ● Insert or delete the company or project logo. ● Add your Project or Risk Management Plan Title and Date, feel free to delete the Project Reference and Version or Title this as Version 1 Document Control ● Document Information – keep/delete rows of this table as needed ● Document History – it might help to keep this section if you plan to use this document in your professional field, where you may want to track document progress ● Document Approvals – keep/delete rows of this table as needed Table of Contents ● Update this section to align with your final version ● If you added or deleted any sections in your Risk Management Plan, update this in the Table of Contents Template Guide Final Assessment: Outline and Rubric 2Risk Management Final Assessment: Outline and Rubric ● You will want to revise the title “Template Guide” to “Overview” ● Revise the italicised text on “How to use this template” to provide an overview of the scenario you are applying to the Risk Management Plan. Imagine that this will be presented to higher level leadership and that they may need an idea of the background on the project/organization. Risk Management Methodology ● Keep this section and explain your methodology for risk management ● Describe the approach, tools and data that you will use to manage risk on this project ● The Risk Management Method – include a visual and explain this model Risk Identification ● Keep this section and explain your process for risk identification ● Risks can be revealed from many sources and at any time, so risk identification needs to be an ongoing process. ● Include a visual and explain this model ● How risks will be expressed – Expand on this item ● Risk Report Form – Adapt this Form to a report that would work well for your scenario Risk Capture and Logging ● Complete this area of the template as outlined in the Risk Management Template ● Describe how risks will be captured and documented ● Include the information that will be captured along with details of who will be responsible for keeping the documentation up to date Risk Assessment Method ● Explain how you will prioritize different levels of risk within your project, department, or company/organization ● Frequently risks are reviewed and given a score or rating of likelihood and impact Risk Assessment Matrix ● Once you have rated a risk by impact and likelihood you can use a matrix to find the priority/importance of the risk ● Create a visual or model to display how risk will be assessed Risk Responses ● Complete this section by describing the risk response that you will use to manage risks ● Remember risks are often managed by reducing the likelihood of the risk happening or the impact Timing and Frequency of Risk Management Activities ● Complete this section by describing how frequently risk management will be monitored Risk Funding (Optional Section) ● If applicable note the breakdown of the funding/budget for risk management or remove this section Download More Project Templates (Optional Resources) ● Feel free to download and apply any additional template components as needed or this section can be deleted Step FOUR: Complete Checklist for Submission 3 Final Assessment: Outline and RubricRisk Management Final Assessment: Outline and Rubric Before you submit your work, check to see if you have met the criteria noted below. Did you: ✓ Ensure your Title Page, Document Control section, and Table of Contents are well formatted for clarity, deleting any extraneous information? ✓ Update the Table of Contents to make sure it aligns with the components of the Risk Management Plan? ✓ Clearly explains an overview of the project, department, or company/organization that was selected to be analyzed in the Risk Management Plan? ✓ Substantively address the approach, tools, and data used in the risk management methodology? ✓ Include a visual model to examine the risk management methodology? ✓ Provide a thorough explanation of how risks will be identified and captured? ✓ Include a visual to present the risk identification strategy? ✓ Create a Risk Report Form that applies to your selected topic? ✓ Explain how you will prioritize different levels of risk within your project, department, or company/organization? ✓ Describe the risk assessment method, matrix, responses, and timing? ✓ Describe the risk response that you will use to manage risks? ✓ Verify your paper is at least 4 pages in length? ✓ Proofread your work for clear academic writing with no grammar, punctuation or spelling errors? ✓ Verify the overall format of the Risk Management Plan is written at a level that could be presented to higher level leadership within an organization?
