Risk Management Plan
U03a1 Risk Management Best Practices Derrick Evans Capella University BMGT8434 Advanced Risk Management Systems and Research January 24, 2013 Professor Schneider
Project Risk Plan
Executive Summary
HESU Global’s (pseudo named) PMO in conjunction with the Business Continuity Department will develop and implement the risk management approach. Organizational assets and support for the project will be directed and managed by business continuity. An example project and brief scope are included below for instructional purposes. PMO will assign a project manager to oversee the project daily activities, however the PMO maintains responsibility for:
• Develop modification requirement and specifications of the project.
• Develop messaging specifications and applications
• Design the network
• Tailor the application to support HESU Global line of business applications and operations
• Install production computer services and applications
• Design new business processes for applications
• Conduct alpha and beta testing
• Conduct organizational wide implementation
The Project Management Team will need a proactive approach in the management of risks and related uncertainty. Management of risks for this project will follow a continuous risk management model, refined as the PLC develops. Involvement of support from the business, technical, executive, and external partners is crucial to having a viable risk management process. Tasks will be evaluated and identified for the mitigation of risks; uncertainty of organizational environmental factors will be included in the evaluation of impact and probability, as appropriate. This will ensure that tracking of progress, or lack thereof, occurs and necessary resources are identified for corrective/mitigating actions planned.
Purpose
The purpose of the risk management plan is to develop a structured formal document for the description
Project Risk Plan
Executive Summary
HESU Global’s (pseudo named) PMO in conjunction with the Business Continuity Department will develop and implement the risk management approach. Organizational assets and support for the project will be directed and managed by business continuity. An example project and brief scope are included below for instructional purposes. PMO will assign a project manager to oversee the project daily activities, however the PMO maintains responsibility for:
• Develop modification requirement and specifications of the project.
• Develop messaging specifications and applications
• Design the network
• Tailor the application to support HESU Global line of business applications and operations
• Install production computer services and applications
• Design new business processes for applications
• Conduct alpha and beta testing
• Conduct organizational wide implementation
The Project Management Team will need a proactive approach in the management of risks and related uncertainty. Management of risks for this project will follow a continuous risk management model, refined as the PLC develops. Involvement of support from the business, technical, executive, and external partners is crucial to having a viable risk management process. Tasks will be evaluated and identified for the mitigation of risks; uncertainty of organizational environmental factors will be included in the evaluation of impact and probability, as appropriate. This will ensure that tracking of progress, or lack thereof, occurs and necessary resources are identified for corrective/mitigating actions planned.
Purpose
The purpose of the risk management plan is to develop a structured formal document for the description
References: Blunden, T, & Thirlwell, J. (2010). Mastering operational risk. Harlow, England; New York: Financial Times Prentice Hall. Chapman, C. B., & Ward, S. (2011). How to manage project opportunity and risk : Why uncertainty management can be a much better approach than risk management. Chichester, West Sussex; Hoboken, NJ: Wiley. Project Management Institute. (2008). A guide to the project management body of knowledge Retrieved from http://ezproxy.gsu.edu:2048/login?url=http://www.books24x7.com/marc.asp?bookid=29854 Appendix A: Risk Worksheet Risk # |Risk (Condition; Consequence) |Risk Category |Responsible |Impact |Prob |Exposure (Rank) |Timeframe |Mitigation Strategy (Response) |Cost to Mitigate | |1 | | | | | | | | | | |2 | | | | | | | | | | |3 | | | | | | | | | | |4 | | | | | | | | | | |5 | | | | | | | | | | |6 | | | | | | | | | | |7 | | | | | | | | | | |8 | | | | | | | | | | |9 | | | | | | | | | | |10 | | | | | | | | | | | Appendix B: Decision Tree