08 Apr You are a project manager working in the mortgage banking industry. Your manager informed you that government agency auditors are coming to the
Scenario:
You are a project manager working in the mortgage banking industry. Your manager informed you that government agency auditors are coming to the headquarters to perform an audit. The emphasis will be on the risk management program. This audit is very important because penalties for noncompliance can be high. This audit is a top priority for the entire company, and your manager has asked you to be prepared to answer questions about the bank's risk management program.
Your manager told you to review and analyze all documentation associated with managing risks and to explain the following:
- Different types of risks that your bank manages
- How threats and opportunities are identified, analyzed, responded to, and monitored
- The risk management plans that the bank has in place
You should know everything from program-level to risk management documentation used in each phase of the process, as well as the tools and techniques used to manage risks.
The manager wants you to watch the following two videos and then prepare a discussion about risks, risk management, and risk management processes using the list of questions below (QualityGurus, 2013; RiskX: Risk Management for Projects, 2017):
Introduction to Risk Management
Videos
https://youtu.be/Cp_XEhexcDw
https://youtu.be/bj0-CoNgMoA
- What is risk?
- What is risk management?
- What constitutes a threat to a project?
- What opportunities are available to projects?
- What are industry examples of a specific risk management requirement in the preventive action clause?
- How should risk management planning be done?
- What are key characteristics of risk?
- In risk analysis, what are the considerations for risk?
- What is the goal of applying risk response strategies for positive risks?
- What is one of the most common risk identification techniques?
- Risk analysis can be done from what aspect?
- What are the important tools used in risk analysis?
Use the template provided to complete a 3-page report (excluding the cover page). NOTE: Please delete all instructions and examples before submitting your work.
Please see attached template
Scenario Analysis Unit 1
Your Name
American Intercontinental University: MGMT 440
Month Day, 2020
Professor First Last Name
Running head: ASSIGNMENT TITLE HERE
1
PROJECT RISK MANAGEMENT OVERVIEW
Introduction
Explanation: In this section, describe what will be discussed in this report. Briefly describe all main components. Main requirements can be found in assignment description or in this template as separate sections under specific titles. Please DELETE explanations and replace with project-specific text.
Scenario Analysis
Explanation: Please read a scenario in the assignment description section and answer the following questions in a substantive manner. Please justify your recomnedations. It is important that you elaborate your answer rather than providing one or two words answers. Please watch two videos included in the assignment description section because all or majority of information needed to complete this assignment could be found in these videos. Reading materials and watching mini lessons can help as well.
1. What is risk?
Please provide your analysis/answer here.
2. What is risk management?
Please provide your analysis/answer here.
3. What constitutes a threat to a project?
Please provide your analysis/answer here.
4. What opportunities are available to projects?
Please provide your analysis/answer here.
5. What are industry examples of a specific risk management requirement in the preventive action clause?
Please provide your analysis/answer here.
6. How should risk management planning be done?
Please provide your analysis/answer here.
7. What are key characteristics of risk?
Please provide your analysis/answer here.
8. In risk analysis, what are the considerations for risk?
Please provide your analysis/answer here.
9. What is the goal of applying risk response strategies for positive risks?
Please provide your analysis/answer here.
10. What is one of the most common risk identification techniques?
Please provide your analysis/answer here.
11. Risk analysis can be done from what two aspects?
Please provide your analysis/answer here.
12. What are the important tools used in risk analysis?
Please provide your analysis/answer here.
Conclusion
Explanation: In this section, describe what has been discussed in this analysis.
References
Explanation: In this section, you should list all resources used to complete this paper. If you did not use any external resources, please, at least locate “Syllabus” in your course shell. Scroll down to “Unit Overview”. Locate “Reading and Other Resource Materials” for each unit. Please use these and any other resources you used to create this paper. In addition to the textbook, several videos are available to you to learn about main concepts and categories. References should be presented in accordance with APA style.
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