As a Business Analyst, How would you assess and manage risks in a project?

Purpose of this question : To tests your risk management skills.

Your answer should be :

Potential Risks: Identify potential risks by analyzing project requirements, stakeholders’ expectations, and external factors.
Prioritize: Prioritize risks based on their impact and likelihood of occurrence.
Risk Analysis: Conduct a thorough risk analysis to estimate the potential consequences on the project’s objectives.
Risk mitigation: Develop risk mitigation and contingency plans to minimize the impact of identified risks.
Risk Management Strategies: Collaborate with cross-functional teams to implement risk management strategies.
Monitor: Monitor and regularly evaluate risks throughout the project lifecycle to ensure effective risk management.
Communicate: Communicate risks and their implications to stakeholders, facilitating informed decision-making.
Review: Review and update risk management plans as the project evolves and new risks emerge.
Lesson Learnt : Learn from past projects and incorporate lessons learned into future risk management practices.