Summary
Effective risk management demands that the project manager and risk manager fully understand the risks of a project. A successful risk management process would also require a good knowledge and understanding of the business objectives of the project. During risk identification, a large volume of risks can be identified. Simply listing these risks or putting them in a spreadsheet or database does not provide the in-depth understanding of the identified risks necessary to allow a solid risk response planning task. The RBS provides the tool necessary to assist in identifying risks, analyzing risks, and creating a successful risk response plan, and it provides a vehicle for "deep-dives" into the complexity of the risk. Using a hierarchical RBS, similar in its design to the WBS, allows the project and risk managers the opportunity to carefully align the risks in proper categories, using as deep an analysis as time and resources would permit.
Read more about this topic: Risk Breakdown Structure
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