There are multiple ways for an effective risk management plan that can support a project's financials that include: Maintaining a book for registering the risks where we can create a sheet for each project and record the risks in them to arrive at an estimated total cost of risks Identifying risks and converting them into opportunities will help in reducing the total cost of risks There need to be a process to identify the similarities in the identified risks, their likelihood, and their impact so that they can be eliminated or reduced to the best possible extent Estimating the value of risks frequently will help in controlling the costs of risk and will reduce the threats of incurring more costs Employing dedicated people to monitor the costs of each project and identify the methods to control them Reviewing, monitoring, identifying, and find innovative methods for all the consolidated risks will help in sharing the responsibility of reducing the cost of risks.

Following up this comments, imagine your company assigned you to develop a training program for project managers on risk management with an emphasis on cost reduction. What key areas and skill sets would you include in this program? Please justify your response.