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Topics: Governance, Risk Management
Who owns the highest risks?
Network:4629
Who owns the highest risks and is responsible for results? To whom do they report?
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Hi Anupam,

i am not sure if i got your question right.
In general the PM is responsible for performing risk management. Risk owner should be usual the person who has the power to manage the specific risk. Why should highest risk have some special owners? Or did i miss something here?

Regards,

Markus
Network:4629
You are correct Markus, PM is responsible for performing risk management.

What I mean here by owning is some group or unit. Gaps/ overlaps should be minimum in risk ownership.
First of all, it will depend on your risk management process. Some of the process are defined inside standards and you will find the roles defined inside it. For example, ISO 31000 or ISO 27000. With that say, I am with @Markus here. My recommendation: go to the standards.
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1 reply by Anupam
Nov 29, 2016 9:16 PM
Anupam
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Thanks Sergio.
Network:4629
Nov 29, 2016 2:40 PM
Replying to Sergio Luis Conte
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First of all, it will depend on your risk management process. Some of the process are defined inside standards and you will find the roles defined inside it. For example, ISO 31000 or ISO 27000. With that say, I am with @Markus here. My recommendation: go to the standards.
Thanks Sergio.
Agree with Markus and Sergio

Ultimately all risk go to the PM!
PM has to make sure risk management is perform in the project. Could done by the PM or delegated to one person. Have done it on very large project, ideally no risk is owned directly by the PM.
Hi Anupam:
Are you the PM; ultimately you are responsible for managing, tracking and reporting on the resolution of all risks for the entire project. All risks will be assigned to a team members who will be accountable to work the problem and provide a resolution. You should refer to your PMO or other internal policies regarding your organizational pm methods, processes, templates, governance and reporting standards.
Network:4629
Hi Naomi, thanks for your input.

Ideally it is PM like all mentioned above. However, while working at client site, I observed a specific group/ unit owning the risk.

Yes, I am PM :)
Yes, this may occur in a projectized environment that may setup a project office for a large contract. It could have also been a hybrid environment with multiple teams. Anyway, you may see a variety of approaches and setup of project teams that fit that culture, project and purpose. Cheers!
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1 reply by Anupam
Dec 01, 2016 4:04 AM
Anupam
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Thanks
Network:4629
Dec 01, 2016 2:29 AM
Replying to Naomi Caietti
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Yes, this may occur in a projectized environment that may setup a project office for a large contract. It could have also been a hybrid environment with multiple teams. Anyway, you may see a variety of approaches and setup of project teams that fit that culture, project and purpose. Cheers!
Thanks
Largest risks are assigned to the highest authority in the project. For example, a risk with "Critical" category severity may be assigned to Project director and "Significant" risk can be assigned to Project manager and "Minor" risk can be assigned to a "Work package manager or functional manager".
It also depends on organizational processes and standards.
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