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Article 1

Risk management seeks to recognize possible issues before they happen or, in the case of risk opportunities, to leverage them to cause them. Risk-handling activities may be invoked throughout the life of the project. It is less costly to be proactive and mitigate risks to prevent them from triggering than to be reactive and deal with issues that arise if the risk triggers. Unmanaged risks can easily prevent a project from achieving objectives or even cause it to fail. Risk management is essential during project initiation, planning, and execution; well-managed risks significantly increase the likelihood of project success. Risk can also be positive. We often call positive risks opportunities. Opportunities have different risk responses than harmful risks because we often want to maximize opportunities or make them more likely to happen. Both negative and positive risks are tracked in a risk register (Purpose of Risk Management | IST Project Management Office, n.d.).

To determine risks, some steps can be taken to help. First, break down the big picture. Ask insightful questions that can reveal weaknesses in your company that you may not have thought of. If there are questions that cannot be answered, this signifies a risk that needs to be better managed. Be cynical; what is the worst thing that could occur to your company? If there was a day when everything went wrong, what would that series of events look like? While being overly pessimistic may not be the best way to plan, recognizing risks is incredibly helpful (Webb, n.d.).

Consult an expert; Insurance brokers know about claim history, which implies they can provide insight on trends. If you encounter the same type of losses numerous times, it suggests there's a risk that is improperly managed. Brokers can also play a role in helping to evaluate risks and advising insurance coverage to help safeguard against them in case they occur. If they do not provide assessment assistance, they are likely able to suggest a good consultant who can. Similarly, accountants and financial advisors will have insight into the payments you repeatedly make. They can also advise and identify financial risks throughout the company (Webb, n.d.).

Conduct internal research; data and trend analysis can identify the root causes of circumstances. Incidents and near-misses are crucial indicators of problem areas that the risk management team must manage. Conduct external research; experienced companies may be able to provide expert insight on the risks commonly found in companies similar to yours. They could access industry research or trend reports that would highlight common risks. You can also pay attention to competitors or companies similar to yours. Any losses, risk management successes, news releases, or even legal precedents can help identify the same risks in your organization (Webb, n.d.).

Seek employee feedback regularly. All employees, especially critical stakeholders, may have some insight on risks they face in day-to-day business practices that would not have otherwise considered. You can seek employee feedback anonymously in one-on-one interviews or group settings. Allowing anonymous incident reporting may increase the likelihood of response from employees worried about repercussions from speaking up. In contrast, group discussions may increase the amount of brainstorming and lead to a higher number of identified risks. Analyze customer complaints; just as asking employees can be valuable, customers may also help determine risk. What do customers most often complain about, or what types of issues do they report? There's likely an associated risk if numerous people complain about the same process. Using models or software, many business and technological strategies help identify and classify risks. Simulations, scenario role-playing, SWOT analysis, flowcharts, and risk mapping are some of them (Webb, n.d.).

Article 2

Continuing the position as project manager, the manager gave our team a new assignment to our team to access risk management for a new project. Having already learned so much, my team will need to continue obtaining and planning. Ensure my team is mentally and physically prepared with the knowledge of project risk and how to turn those risks around if something happens. We learned before risk management "provides you with guidance on how to carry out risk management activities" in your project by acting proactively rather than reactively (Usmani, 2022)". Some of the risks can negatively and positively impact an overall project, but if we identify, assess, control, and continue to review in that order. A project manager has a more creative eye for what to expect next.

In addition to analyzing risk management, our team must also know that a risk register is a fundamental element of risk management. "The purpose of a risk register in project management is to record the details of all risks that have been identified along with their analysis and plans for how those risks will be treated (Verma, 2022)". The risk register offers a platform to detect, characterize, assign, and establish an action plan for all the anticipated project risks. This strategy focuses on how these actions are carried out, whereas the risk register focuses on effectively and efficiently disseminating this information, regardless of the project approach employed. Both risk management and risk register are a creation of a document kept professional to use as a preventive tool to both used as support through the entire project.

Knowing risk management focuses on treatment, whereas risk management focuses on prevention. We now must learn the risk, prioritize, develop, and strategize the risk. To identify the steps put best Srini Pillay suggested "1) understand how the brain processes risk; 2) remember that risk-taking can be a good thing; 3) learn to become an expert at bouncing back from failure, thus taking some of the sting out of risk-taking (Pillay, 2014)". Lay out the paperwork, map out what's considered worst and best scenarios, and organize them from lowest to highest priority. Measure what impactful probability of occurrence. By covering these steps-by-steps risk, the team can talk it over while giving criticism and feedback proactively on how to solidify a plan of action.

An example of what a risk register may look like would be as follows:

Risk ID	Title	Description	Category	Impact Rating	Mitigation	Assigned Team Member	Priority	Status