Roles and Responsibilities in Risk Audits and Reviews

Correct Answer: The Risk Manager in collaboration with the Project Manager

The Risk Manager working together with the Project Manager is the most appropriate choice for coordinating risk threshold assessments because: - Risk Managers have specialized expertise in risk assessment and management - Project Managers have direct visibility into project impacts and stakeholder concerns - Together they can effectively gather input from all stakeholder levels - They can balance organizational objectives with practical implementation needs Why other options are less suitable: The Project Sponsor and Executive Board are too high-level for detailed risk threshold coordination, though they may set overall direction. The PMO typically provides frameworks and standards but does not lead the actual risk assessment process with stakeholders. The Quality Assurance team focuses on process compliance and quality standards rather than risk management coordination.

Correct Answer: The Risk Management Team Lead

The Risk Management Team Lead has the primary responsibility for establishing baseline risk communication channels between project teams and senior management during risk audits. Here's why: The Risk Management Team Lead: - Acts as the central coordinator for risk-related communications - Has the expertise and authority to establish appropriate communication protocols - Maintains direct relationships with both project teams and senior management - Ensures consistent and effective flow of risk-related information Why other options are incorrect: The Project Management Office Director and Risk Committee Chairperson are typically involved in higher-level organizational risk strategy rather than establishing baseline communication channels. The Senior Stakeholder Representatives and Risk Analysts are contributors to the risk communication process but do not have the primary responsibility for establishing these channels. The External Risk Audit Team and Project Sponsors are not involved in establishing internal communication channels - the audit team is external, and sponsors typically receive rather than establish communication protocols.

Correct Answer: The Risk Management Committee

The Risk Management Committee is the correct answer because: Key points: 1. A Risk Management Committee is specifically established to oversee risk-related policies, procedures, and standards at an organizational level 2. They ensure consistency in risk management approaches across projects 3. They have the authority to establish and enforce risk audit standards 4. They maintain organizational risk management governance Why other options are incorrect: The Project Quality Assurance Manager focuses on quality standards and processes, not specifically risk management standards. The Risk Response Team Lead typically implements risk responses but doesn't set organizational standards. External auditors review compliance but don't set standards. The Project Sponsor oversees project governance but doesn't typically set organization-wide risk audit standards and procedures. Their focus is on specific project success rather than organizational risk management standards.