Spotlight on Recommended Practice 62R-11: Risk Assessment: Identification and Qualitative Analysis

About this Recommended Practice:
This recommended practice (RP) of AACE International defines the expectations, requirements, and practices for identifying and qualitatively analyzing uncertainty and risk drivers as part of the overall risk management process. It expands on the first two tasks of the TCM Framework section 7.6.2.2 Risk Assessment; i.e., Risk Identification and Qualitative Risk Analysis, covering common practices and tools such as brainstorming, interviews, and checklists. It also covers documentation for and the deliverables from the assessment process step (e.g., risk register). It does not cover the third task of TCM section 7.6.2.2 Quantitative Risk Analysis (see Professional Guidance Document PGD-02, Guide to Quantitative Risk Analysis for reference to various quantification RPs). It also does not cover risk treatment planning (see RP 63R-11, Risk Treatment) or risk management planning (see RP 72R-12, Developing a Project Risk Management Plan.)

About AACE Recommended Practices:
The AACE International Recommended Practices (RPs) are a series of documents that contain valuable reference information that has been subject to a rigorous review process and recommended for use by the Technical Board. RPs are intended to be the main technical foundation of AACE educational, and certification products and services. All RPs are available to AACE members free of charge.