TRADITIONAL KNOWLEDGE AREA
Risk management
Risk includes identification, analysis, response, and monitoring; Governance aligns overall exposure with decisions.
The Eighth Edition groups content differently. Related topics can appear in several domains and chapters.
Understand the area
A risk is an uncertain event or condition with possible effects; an issue already exists. Identify causes and triggers, assess likelihood and impact at an appropriate level, assign ownership, choose responses, and monitor residual exposure. Positive uncertainty can be an opportunity, while risk decisions should connect to value and governance.
Work through a project
Unknown underground services could interrupt excavation. Investigate records and scan the site, assign a risk owner, agree a response and trigger, and reserve a decision path. If a utility is actually discovered in conflict, manage the active issue and resulting changes.
Check your reasoning
- Is the event uncertain or already happening?
- Who owns the response and what triggers action?
- Does the response introduce a new risk or require a baseline change?