Roles and responsibilities of risk Champion: Every project is prone to risks and as a result, the ability to steer a project through risk is undoubtedly among the essential skills any project manager needs to have. Roles and Responsibilities of Risk Champion are some of the most important aspects in article discussed for the purpose of a project that are affected by risks:
Roles and Responsibilities of Risk Champion
The Risk Champion is a change agent in risk management process and different from risk owners. The risk champions are trouble shooters that provide the resolution in a project of solving the risk related problems. The Risk Champion assumes role of the Risk Owner and assists the Risk Owner to resolve problems.
Budget
The amount of money needed for the completion of a project can be affected by risk.
Schedule
Risk can cause unexpected delays or changes to schedules and timelines.
Scope
Risk can cause scope creep by expanding or shifting away from the project’s goals.
Risks may also be characterized as follows:
External Risk
This is a risk that is outside the project team’s control.
Internal Risk
The risk is within the project’s team’s control. For example, members of the project do not meet their assigned tasks.
Positive Risk
Not every risk is bad, some are positive. A positive risk (also known as an opportunity risk) is an unexpected situation that can impact your project positively. Some examples of positive risks might include completing the project earlier than the set deadline or below the budget.Positive risks may occur as a result of internal factors such as project team members becoming more efficient and effective with the assistance of a new tool or external factors such as changes in policy that work to the benefit of your project.
Difference between Risk Owner and Risk Champion
- The risk owner is an individual or organization charged with the task of managing threats and vulnerabilities that may arise in the course of the project.
- The risk owner must be someone who sees the risk as related to their job and who has the authority to do something about it.For example, the head of the IT department should be in charge of IT risks. In other words, he or she should be the risk owner for IT because they are well vested with knowledge on how best to deal with threats and have the authority to put in place necessary measures to deal with the threats.
- A risk champion, on the other hand, is a person who, through experience or authority, maintains certain aspects of the risk management process but does not own those risks.
- These are usually members of the existing agency’s governing body. The risk champion supports the risk management process in a particular area or function. The risk champion has sufficient authority to manage the risk management by the institution’s risk management policies and strategies.
Among other things, risk champion advocates for supporting executives in legitimizing and supporting the implementation of risk management. The risk champion must be able to demonstrate how risk management helps management achieve institutional goals and better position the institution for the future, and how to communicate these benefits.
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