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Assess combined risk profile [MOR4]

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Assess combined risk profile [MOR4]

Theoretical activities within the process

Previously, you learnt all about the Prioritize risk process and had the opportunity to test your understanding. Now, it’s time to focus on the next process: Assess combined risk profile.

Again, as a reminder, there are eight processes to consider; at the end of this step, you’ll be able to answer these questions:

  • What is the purpose of this process?
  • What are the objectives of this process?
  • What activities are performed in this process?
  • What documents support this process?
  • What are the key roles in this process?

Figure 1, which you’ll already be familiar with, illustrates the 'MoR4 integrated process framework'.

 

The MoR4 integrated process framework, with the Assess combined risk profile segment highlighted.

Figure 1: The MoR4 integrated process framework, with Assess combined risk profile highlighted.

Copyright © AXELOS Limited 2022. Used under permission of AXELOS Limited. All rights reserved.

 

What is the purpose of this process?

The purpose of this process is to understand the extent of overall risk to any single objective. This will provide the decision-maker with a realistic level of confidence in achieving each individual objective.

What are the objectives of this process?

The objectives for this process ensure you:

  • understand that multiple risks with the same objective are considered in a logical way.
  • can defend the level of confidence in achieving a specific objective, when challenged.
  • understand the realistic level of confidence in achieving the objective.

What activities are performed in this process?

The following activities are needed to achieve your goals:

  • Aggregate risks to the level of the decision.
  • Model relationships between risks and assess combined impact on objective.

What documents support this process?

There is one document that supports the assess combined risk profile process.

1. Combined risk profile reports

This report shows the overall risk of achieving a particular objective, or to compare multiple options with different risk profiles. At a high-level view, the content would contain generic content, where specifics would be dependent on the technique used.

It would also contain:

  • The objective at risk.
  • Risks associated with the objective.
  • Forecasts for multiple potential outcomes.
  • Discussion points for decision makers.

What are the key roles for the process?

So, who does what in this process?

Again, using a RACI chart will help you and others clearly see who is involved and what role they play in this process.

Figure 2 illustrates a RACI diagram for the assess combined risk profile process.

 

RACI diagram. It presents a list of key roles in the first column followed by the six perspectives, each in a separate column containing involvement indicators.

Figure 2: RACI diagram for the assess combined risk profile process.

Copyright © AXELOS Limited 2022. Used under permission of AXELOS Limited. All rights reserved.

Remember that within a strategic perspective, the board members/trustees would be accountable. The executive management/change sponsors would bear responsibility. Risk specialist and risk owners would be consulted, while risk action owners and other stakeholders would be informed.

 

Adventure awaits

Next, it’s time to hear from one of QA’s experts about the techniques that can be used to support this process.

When you’re ready, select Next to continue.

Difficulty
Beginner
Duration
6m
Students
1
Description

In this Course, you’ll look at the fourth step in the MoR4 process cycle: Assess combined risk profile and its framework. You’ll learn about the purpose, objectives, theoretical activities, supporting documents, and the key roles in this process.

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