FRANK SCHULTMANN: We have come to that part of the week

where we'll look at some key questions

that I have received from students affecting this stage
of the risk management process.
The first question is on risk identification.
"Who is responsible for identifying risks?"
This is a good question, and the answer also
depends on the size and context of the project.
Generally speaking, for a small project,
the project manager might identify risk
and develop the risk register.
He or she might get input from the project sponsor
or senior manager and colleagues,
or from a small group of key stakeholders.
For a medium-to-large project, the risks
are identified by the project manager, project team members,
business owners, and external stakeholders.
This is done through formal meetings
and brainstorming sessions with all involved.
When managing large, complex projects,
it is advisable to use an outside facilitator.
Preparation might include an environmental scan
and seeking views of key stakeholders and industry
specialists.
Another question I often get asked
is whether any documentation needs
to be completed when identifying risks.
Identified risks are usually documented
in the risk register.
At this early stage of risk identification,
key information needs to be included in the risk register,
including a description of the risk,
causes and consequences of risk, and the existing
internal controls that may reduce the likelihood
or consequences of risks.
It is also essential when identifying a risk
to consider the key elements, the factors that may contribute
to a risk occurring or increasing,
the likelihood of a risk occurring,
and the outcome or impact of an event.
The final question for the week is, "Are there any risk
identification tools that I can use
to help me in a large project?"
There are various software tools that you
can investigate and use.
Although I am unable to endorse any,
it is worth you having a look to see whether there is something
online that can assist you in identifying risks,
particularly for a large, complex project.
That's it for this week.
Remember to use the forum to full advantage
by involving yourself in the discussion.
See you next week.