The project risk manager should generate reports to assess and communicate the project risk level to stakeholders. This helps in making informed decisions and taking appropriate actions to manage risks effectively.

The project risk manager should quantify the risk exposure that exceeds project contingency, as this will help to determine the amount of management reserve needed to cover the potential cost overruns or schedule delays. The project risk manager should also communicate this information to the project manager and other relevant stakeholders, and update the risk management plan accordingly.Reference:The Standard for Risk Management in Portfolios, Programs, and Projects, page 80; PMBOK Guide, 6th edition, page 407.

When a new risk manager is assigned to an ongoing project, their first step should be to review the existing risk management plan to understand the current policies, practices, and strategies in place.

The new risk manager should first review the policies and practices that are outlined in the risk management plan, as this is the document that describes how risk management will be performed on the project. The risk management plan defines the roles and responsibilities, risk categories, risk appetite and thresholds, risk identification and analysis methods, risk response strategies, risk monitoring and reporting mechanisms, and risk governance structure for the project. The new risk manager should familiarize themselves with the risk management plan to understand the project environment and the expectations and requirements for risk management. The other options are not the first actions that the new risk manager should take. Reviewing potential next steps with the project team is a good practice, but it should be done after reviewing the risk management plan to ensure alignment and consistency. Reviewing the scope of work to determine the prescribed project methodology is not directly related to risk management, and it may not provide sufficient information about the project environment and the risk management approach. Reviewing the contract and determining the resources and project funding is part of the project initiation process, and it may not reflect the current status and issues of the project.Reference:2,3,4

Quantitative risk analysis helps determine the minimum acceptable level of exposure and impact for each risk. It also helps to understand if the maximum level of exposure has been reached before escalating the risk. (Reference: PMBOK Guide, 6th Edition, p. 423)

The team should perform quantitative risk analysis, which is the process of numerically analyzing the effect of identified risks on overall project objectives. Quantitative risk analysis can help the team to establish the minimum acceptable level of exposure and impact for each risk, as well as the maximum level of exposure before escalation. Quantitative risk analysis can also provide probabilistic estimates of project outcomes, such as cost and schedule, and support risk prioritization and decision making.Reference:PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide), Sixth Edition, 2017, p. 399; PMI, The Standard for Risk Management in Portfolios, Programs, and Projects, 2019, p. 69.

According to the PMBOK Guide1, risk identification is the process of determining which risks may affect the project and documenting their characteristics. It involves the use of various techniques to gather information from different sources and perspectives, such as stakeholders, experts, historical data, assumptions, and environmental factors. Some of the common techniques for risk identification are meetings, facilitated workshops, interviews, brainstorming, checklists, questionnaires, SWOT analysis, and root cause analysis. These techniques help to elicit the knowledge and opinions of the participants, and to generate a comprehensive list of potential risks that can be further analyzed and prioritized. In this case, the risk management expert should recommend the agency to conduct meetings, facilitated workshops, and interviews with stakeholders to identify potential risks and develop the handbook. This will help to understand the context and objectives of the agency, the expectations and concerns of the farmers and landlords, the challenges and opportunities in the agriculture sector, and the possible sources and impacts of uncertainty. The risk management expert can then use the information gathered from these techniques to create a risk register and a risk management plan, which can form the basis of the handbook.This is part of the Identify Risks process in the PMBOK Guide1.Reference:1: A Guide to the Project Management Body of Knowledge (PMBOK Guide) -- Sixth Edition

Engaging stakeholders through meetings, workshops, and interviews is crucial for risk identification, as it allows the agency to gather diverse perspectives and insights on potential risks. This approach is more effective than relying solely on standard tools or hiring an expert.