A Guide for the Quality Assurance of Risk Management

The risk management comprises the examination of the existing risk factors and looking for the addition of new factors of threats for the prevention to be done even before the occurrence of any problem. Base from the results that determine, prioritizes, and assesses the risk factors, from the consequences and probability of failure; the organization creates a preparation for actions and plans the risk management to get the most out of the chances of having the desired result and at the same time minimizing failure risks.

The objective of planning risk management is to have the actions that must be done to correct the existing risk for each of the risk factors identified specifically the risks with a moderate to high level of rating. The first step to be done by the organizer of the project is to prepare and create a risk management plan. The final risk management plan should be subjected for review by the members of the quality assurance.

Looking on the data given in the risk management plan, and analyzing the risks, the team for the quality assurance of the project make some adjustments or sometimes retain the assignments initially listed in the risk management plan.

The factors that have a high risk are given priority to be included in the risk management plan. The factors with a lower risk are addressed upon the availability of the resources. Having a guide for quality assurance will enable the organization to have low risk factors and the right risk management plan for the specific project.

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