What is meant by Risk portfolio?
A "risk portfolio" refers to the systematic identification, evaluation, and management of risks that may arise within a company or project. The risk portfolio provides an overview of all identified risks, their potential impacts, and the likelihood of their occurrence. It enables organizations to prioritize risks and implement measures to mitigate negative consequences. Typically, the risk portfolio is visualized using risk matrices or risk maps, which classify risks based on their likelihood and impact.
Typical Software Functions in the Area of "Risk Portfolio":
- Risk Assessment: Evaluating identified risks based on the likelihood of occurrence and potential impact.
- Risk Classification: Categorizing risks into high, medium, and low priorities based on their significance.
- Risk Visualization: Creating risk matrices or risk maps that provide a clear representation of the risks.
- Risk Monitoring: Continuously tracking risks and their changes over time.
- Reporting: Generating reports and dashboards to communicate the risk overview to stakeholders.
- Risk Management Strategies: Assisting in the development and implementation of strategies to mitigate risks.
- Risk Documentation: Detailed recording of all risk assessments, actions, and outcomes.
- Scenario Analysis: Simulating various scenarios to evaluate potential risk impacts and develop alternative action strategies.
Examples of "Risk Portfolio":
- High-Priority Risk: A risk that is highly likely and could have significant negative impacts on the project.
- Medium-Priority Risk: A risk with moderate likelihood and limited impact.
- Low-Priority Risk: A risk that is unlikely to occur and would have minimal impact on the project.
- Accepted Risk: A risk that is deemed acceptable in terms of its potential impact, requiring no further action.
- Treated Risk: A risk that has been reduced or eliminated through preventive measures.
- New Risk: A recently identified risk that has yet to be assessed and classified.
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