Risk manager

Risk management - the role of the participant of project management. The main task of a specialist to perform this role is to manage the risk in the project. This role can be assigned as the project manager, and individual experts - members of the project team.

The Risk Manager is a role within project management. The primary task of the specialist performing this role is to manage risks within the project. This role may be assigned either to the project manager or to a separate specialist — a member of the project team.

Main tasks of the Risk Manager:

Identification of project risks. The Risk Manager collects, analyzes, and records potential risks that may affect the timeline, budget, quality, or outcomes of the project. Experts, team members, the project manager, and stakeholders participate in this process.
Analysis and assessment of risks. Conducts qualitative and quantitative risk assessments: determines the probability of occurrence, level of impact, priority, interdependencies between risks, and possible development scenarios.
Development of response plans. Develops strategies for minimizing, preventing, transferring, or accepting risks. Defines mitigation measures, responsible persons, and deadlines, and enters this information into the risk register.
Risk monitoring throughout the project lifecycle. Continuously monitors the state of risks, checks the relevance of assessments, records changes and the appearance of new risks, and adjusts response plans.
Organization of communication on risk management issues. Ensures regular communication within the project team and with stakeholders. Organizes risk meetings, facilitates discussions, and prepares materials for management decision‑making.
Maintaining and updating the project risk register. Enters data into corporate systems (for example, MS Project Online), updates the status of mitigation actions, and records the results of implemented measures and changes for each risk.
Preparation of risk reports. Produces regular reports on the state of risks for the project manager, PMO, and other interested parties. Ensures objective and timely reporting for assessing the state of the project.
Analysis of the effectiveness of response measures. Evaluates how effectively the applied actions reduced the impact of risks, collects data on actual results, and forms conclusions for future projects.
Updating the corporate risk register. Systematizes project experience, adds new typical risks, updates existing records, and provides recommendations for methodologists and the PMO.
Participation in the development of risk management methodology. Proposes improvements to templates, methods, regulations, and risk‑management tools based on project experience.

Functions roles

N	Function	Stages of projects and additional processes
1.	Development a risk management plan	Project planning
1.	Based on an analysis of stakeholders and project objectives, the risk manager, in collaboration with subject matter experts, creates a project risk register (pm-way.com/materials/material/show/145). This register identifies the risks that most impact the project. The following steps are used to implement this process: The risk manager selects project risks from the corporate risk register in MS Project Online. The selection is based on the project type and implementation specifics. The list of risks is limited by the project risk management budget. The risk manager creates a list of risk event mitigation measures on the project page in MS Project Online. The planning manager specifies risk event mitigation measures in the project schedule in MS Project Pro. The planning manager saves the project baseline.
2.	Updating the corporate risk register	Template development plans and schedules
2.	The project manager conducts a comprehensive analysis of project results and prepares a project implementation report. The project schedule is actively used as a source material in preparing this report. The following steps are implemented: All project team members describe the project's management results. Project participants record positive and negative lessons learned during the project. All project team members formulate recommendations for the development of project and portfolio management processes and tools. All project team members formulate recommendations for the development of company processes unrelated to project management. The project administrator publishes the project implementation report on the project page in MS Project Online.
3.	Formation of the final report	Completion of the project
3.	Process Steps: Analysis of Completed Projects: After the closure of each project, the risk manager reviews the results of the analysis, project implementation reports, and information on actual risks encountered. Particular attention is paid to risks that had a significant impact, as well as those whose consequences were mitigated through effective response measures. Data Collection and Validation: The risk manager collects information from the project risk register, team member reports, and the final project report. The data is then verified for completeness and accuracy. If necessary, the manager clarifies details with the project manager and subject matter experts. Identification of New Corporate Risks: Based on the collected information, the manager identifies risks that were not previously included in the corporate register or those whose characteristics require clarification. For each such risk, the following information is recorded: event description, causes, probability and impact, response measures applied, actual outcome, and recommendations for mitigating this risk in future projects. Updating Existing Records If a risk has already been included in the register, the risk manager updates its parameters: clarifies the probability, adjusts the impact, and adds actual data and conclusions from the project's implementation. This keeps the register current and useful for planning new projects. Systematization and publication of changes. After analyzing and updating all records, the risk manager makes changes to the corporate risk register in MS Project Online or another corporate system. The updated register becomes available to project managers, planners, and management. Formulation of recommendations for methodology development. Based on the updated register, the manager formulates proposals for improving corporate standards, risk assessment methodologies, and project documentation templates. These proposals are forwarded to those responsible for developing project management methodologies.