PMI-RMP Question #547: Real Exam Question with Answer & Explanation

Question

A risk manager for a financial organization is assigned to support a project team in developing a custom software solution to manage loans. Which document should the risk manager request first from the project sponsor to identify major risks?

Options

• ARisk management plan
• BClients' credit scores
• COrganization's mission and vision
• DHistorical data from the credit portfolio

Explanation

The risk manager should request the risk management plan first from the project sponsor to identify major risks. This is because: The risk management plan is a document that describes how risk management activities will be planned, structured, and performed throughout the project life cycle. The risk management plan provides guidance and direction for the risk manager and the project team on how to identify, analyze, prioritize, respond, and monitor risks, as well as how to allocate resources, define roles and responsibilities, establish risk categories, and document risk-related information. The risk management plan is a key input for the risk identification process, which is the process of determining which risks may affect the project and documenting their characteristics. The risk identification process involves using various tools and techniques, such as brainstorming, interviews, checklists, assumptions and constraints analysis, SWOT analysis, expert judgment, and data gathering, to generate a comprehensive list of potential risks that may impact the project objectives, such as scope, schedule, cost, quality, or stakeholder satisfaction. The risk management plan helps the risk manager to identify major risks by providing the following The risk management strategy, which defines the approach and methodology for managing risks, including the level of detail, rigor, and frequency of the risk management activities, and the alignment with the project management plan and the organization's policies and procedures. The risk thresholds, which specify the acceptable level of risk exposure for the project and its objectives, based on the risk appetite, tolerance, and attitude of the project sponsor and other key The risk categories, which are a group of potential causes of risk that can be used to structure and organize the identified risks into a hierarchical structure, such as a risk breakdown structure (RBS). The risk categories can be derived from various sources, such as the project scope statement, the work breakdown structure (WBS), the organizational process assets, or the industry standards and practices. The roles and responsibilities, which define the authority and accountability of the project team members and other stakeholders involved in the risk management process, such as the risk manager, the risk owner, the risk committee, the risk auditor, and the risk reviewer. The resources, which specify the budget, time, and human resources allocated for the risk management process, as well as the tools, techniques, and software applications that will be used to support the risk management activities. The communication and reporting, which describe the type, format, content, frequency, and distribution of the risk-related information and reports that will be shared among the project team and other stakeholders, such as the risk register, the risk report, the risk dashboard, and the risk

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