The purpose of this competency is to achieve the goals of risk management, i.e. to:
- ensure that levels of overall risk within a project, programme or portfolio are compatible with organisational objectives;
- ensure that individual risks and responses are identified;
- minimise the impact of threats to objectives;
- optimise opportunities within the scope of work.
You must be able to:
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The approach that an organisation takes to managing risk is dependent upon its risk context.
The competency will have to be adjusted to meet different appetites and attitudes in different aspects of the work.
For example, a small entrepreneurial company working in leading edge technology projects has a very different risk profile to a charity delivering an aid programme in a war torn country and this needs to be reflected in the competency of its staff.
Knowledge and understanding
You need to know and understand: