Successful and effective risk management system is essential for successful project, business growth, sustainability and meeting strategic goals. Aligned and embedded risk management system is key to success. The Risk management system requires to design, plan and implement a risk management system tailored to organizational portfolio and strategic goals. The Risk management system is backed by the Software. Careful selection and roll out is must for the smooth operation.
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Qualitative risk analysis is done in risk register to prioritize risks., but all related information like schedule impact estimate and cost impact should be captured. This information must not be heuristics, P6/MSP schedule or cost estimates provide the input information. Store data in numbers to perform semi-qualitative risk analysis in risk register as per requirement.
Based on the judgement or expert opinion, specify the probability of a risk. The Bayesian theorem can be the best alternative to avoid heuristics. Risk Impact or consequences categories are often schedule, cost, quality, and HSE, but not limited too. In this era of digitization, cybersecurity, political, organizational reputation, change management can also be the major impact categories.
Risk audit should be carried at after a regular frequency as per the risk management plan for major and medium risks. For major risks it is a suggestion, option, to sign off the risk before risk closure like HAZOP.
Risk audit helps to measure the risk efficacy and trends over the period. It wills to identify pitfalls in the process and suggest process improvement initiatives.
There is a question quite often is this project risky? Determine the risky nature of the Project also drives the overall risk management process at the project or program level. If the project is large, consumes more organizational resources then it may be a complex risky project. The question here is how to define the complexity of the project or overall project risk?
It is needed to define internal and external factors. Also determining the score based on project risk too.
A combination of these three (3) components help to determine the overall project risk. Well define questionnaire helps to get it done either by using expert opinion or conducting interviews with the key stakeholder or combination of both. We need to proportionate the risk efforts with project complexity. The system should be aligned with the risk register to indicate the complexity of the project. Summation of high Red risks can’t be an indicator to describe Project risk.
GleeYM has developed a risk register to calculate the overall project risk. Transforming data including text to charts is required to communicate with the management. Management requires crisp information to indicate overall project health. Need KPIs to elaborate an overall project risk.
GleeYM offers services like:
1- Organizational Risk maturity level assessment.
2- PMO Optimization for productivity improvement.
2- Developing Risk management system as per ERM/COSO/PMI framework, but tailored with organization’s existing system
3- Developing tailored Risk management system for portfolio, program and project.
4- Developing Risk management standards, procedures and templates as per organizational size and requirements
5- Developing Risk register template
6- Defining Risk appetite, Risk tolerance. Creating Risk matrix accordingly.
7- Developing documentation for qualitative Risk analysis (QRA)
8- Performing quantitative schedule Risk analysis (QSRA) and quantitative cost Risk analysis (QCRA) using Monte Carlo Simulation. Also integrated cost & schedule Risk analysis (IRA).
9- Decision Models under certainty to perform What If analysis.
Yes, we can. We have an extensive experience in developing risk management plan, procedures, guidelines and templates.
Yes, we can. We can create a tailor made risk register template. Also, we can develop risk register as per requirement for complete project life cycle?
Yes, we can. We have expertise and experience in developing risk management system as per ISO 31000 and organizational strategic Goals.
Yes, We have an extensive working experience in Enterprise Risk Management (ERM). We have also developed a system to integrate project, operation, HSE risks with ERM.