Introduction

YieldMore Inc. realising the importance of risk management within an organization has established an effective team to manage the risks and ensure compliance with mitigation strategies with a project or across projects. The risk management is realised as an imperative factor in achieving the assurance for effective working of organization assets. This report will explore the roles and responsibilities of assigned roles as risk manager and specific responsibilities within a project environment. Furthermore, report will explain the role of other members to the senior management.

Role Analysis

Responsibilities Associated with Assigned Role

Role. The roles is to take on the responsibility help organization protect critical assets and while maintaining compliance with laws and regulation via developing a formal risk management plan.   

Responsibilities. The responsibility is to recommend the board regarding how to ensure compliance with legal laws and maintain monitoring and control over the process. Two broad areas to cover are Governance and Risk Management.

• Take proactive stance and remain consistent with PMI standards/best practices.
• Governance ensures all compliances are met in an ethical way.
• Planning risk mitigation strategies
• Monitoring and controlling all compliance related matter.  
• I am empowered to take research beyond the conventional means and recommend possible strategy to improve overall risk management process.

Project based roles and responsibility.

The basic goals demanded from me are to ensure compliance with legal and regulatory framework. In consequence to this my project based risk roles are based on four-steps process i.e. risk identification, assessment, monitoring, and control.  The primary responsibility in a project would be to identify the risks that can inhibit the project from achieving desired goals. Once the risks are identified then assessment is done to priorities the risks in terms of their impact and probability of occurrence. Once the assessment is complete my responsibility will shift to creating a risk register and performing monitoring and control. I will also be responsible for communicating these risks to all concerned personnel so that they can actively manage them.

Team Roles

 The team roles will be to review the lessons learnt from past projects and gain insight from expert interviews to gather information regarding risk identification process. Members of team will be responsible for departing training and developing project employees to understand purpose of risk register and monitor where they have to ensure compliance with legal regulations.

Appendix 1 demonstrates effectively the responsibility matrix for the risk management team. Since the risk management committee is recently formulated, the team will have to maintain a role of change manager. The team will be responsible for creating enabling environment for change and employees to accept the new risk management protocol.

Appendix 1: Risk Management Committee: Responsibility Matrix