Risk Management 101 for IT Professionals Essential Concepts - The Risk PMO, Champions and Advocates

The video tutorial discusses the importance of setting up a formalized risk program management office (PMO) for effective risk management. It highlights the roles and responsibilities within the PMO, including risk champions and advocates, who are essential for implementing consistent risk management practices. The tutorial emphasizes the need for risk awareness and training to ensure successful risk management. It concludes by encouraging viewers to consider enterprise risk management and the establishment of a risk program management plan.

Why is it important to establish a Risk Program Management Office?

• To assign risk management to a single executive

• To ensure consistent risk management practices

• To eliminate the need for risk champions

• To reduce the number of business units

What is one of the key responsibilities of the Risk PMO?

• To develop new product lines

• To design and implement a risk management process

• To oversee marketing strategies

• To manage financial audits

What is crucial for avoiding failure in risk management?

• Hiring more staff

• Reducing the number of risk champions

• Effective communication and training

• Increasing budget

Who are risk champions and advocates?

• IT support staff

• Marketing specialists

• Financial advisors

• Subject matter experts in risk management

What role do risk champions play in business units?

• They handle customer service inquiries

• They develop new software

• They ensure adherence to the risk management plan

• They manage daily operations