Currently project managers create a work package of type Begin of the insertion\("Risk"\)End of the insertion Begin of the deletion ("Risk")End of the deletion with custom Begin of the insertionfields\.End of the insertion Begin of the deletion fields.End of the deletion This allows flexible configuration, but prevents us from doing better analysis and aggregation of Begin of the insertionrisks\.End of the insertion Begin of the deletion risks.End of the deletion

Effective risk management is a core component of both the PM² methodology Begin of the insertion\(developedEnd of the insertion Begin of the deletion (developedEnd of the deletion by the European Begin of the insertionCommission\)End of the insertion Begin of the deletion Commission)End of the deletion and the Begin of the insertionPMflexEnd of the insertion Begin of the deletion PMFlexEnd of the deletion framework Begin of the insertion\(aEnd of the insertion Begin of the deletion (aEnd of the deletion customizable, flexible project management Begin of the insertionapproach\)\.End of the insertion Begin of the deletion approach).End of the deletion Both emphasize the need to:

Begin of the insertion-End of the insertion Begin of the deletion * End of the deletion Identify, assess, and document project risks Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Evaluate likelihood and impact Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Define and apply risk controls and treatment strategies Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Track the residual risk after mitigation efforts Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Maintain transparency and accountability through a structured workflow and status lifecycle Begin of the insertion

End of the insertion Begin of the deletion


End of the deletion The purpose of this Epic is to design and implement a Risk Management module that aligns with these principles, enabling project teams to effectively manage risks throughout the project Begin of the insertionlifecycle\.End of the insertion Begin of the deletion lifecycle.End of the deletion

Key objectives:

Begin of the insertion-End of the insertion Begin of the deletion * End of the deletion Support for risk assessment via impact and likelihood Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Modeling of initial and residual risk levels Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion A notion of ongoing treatments and actions of a risk that impacts its residual risk value Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Visualization support Begin of the insertion\(e\.g\.End of the insertion Begin of the deletion (e.g.End of the deletion risk matrix, heat map, stacked Begin of the insertiongraphs\)
-End of the insertion Begin of the deletion graphs)

* End of the deletion A basic workflow of risks Begin of the insertion
-End of the insertion Begin of the deletion

* End of the deletion Auditing and reporting Begin of the insertion

End of the insertion Begin of the deletion


End of the deletion This will allow organizations to standardize risk management across projects and ensure compliance with internal or external Begin of the insertionframeworks\.

End of the insertion Begin of the deletion frameworks.End of the deletion