This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- The Risk Management Approach defines the 'how-to' for project risk, while the Risk Register lists the specific 'what' of each risk.

- The Project Manager creates the Risk Management Approach during initiation, but it must align with corporate policies and be approved by the Project Board.

- This document establishes the specific procedures, tools, techniques, and reporting standards for managing risk throughout the project.

- It contains the risk budget, a separate fund exclusively for financing responses to threats and opportunities, which cannot be used for scope changes.

- The Risk Management Approach is a dynamic document that is reviewed and potentially updated at the boundary of each management stage.

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