Risk Management
Enabling steps for Risk Management process to help minimize organizational risks
Our effective Risk Management Services help to identify, evaluate & prioritize Risk.
Mitigating business risk necessitates careful planning and trust in your processes, controls, and systems. We can assist you in identifying risks and establishing a cost-effective control environment, enabling you to concentrate on other strategic priorities.
Risk assessments
To track risks and control accuracy, we will design and schedule self-assessments based on maturity level. We will assist you in identifying hazards and risk factors that may cause harm (hazard identification). Assess and evaluate the risk associated with that hazard (risk analysis, and risk evaluation). And select adequate methods for removing the hazard or controlling the risk if the hazard cannot be removed (risk control).
Key Risk Indicators
Continuously monitor critical risks and controls to detect changes in risk posture. We will define business objectives and key performance indicators (KPIs). Then we will devise a strategy that includes outlining each associated risk and choosing KRIs to monitor the risk. These KRIs will meet three factors:
- Quantifiable (numerically, percentages, ratios)
- Specific
- Predictive
Risk reporting
Identify, manage, and report risks and other critical information in one place. This report also investigates options for mitigating risks and avoiding negative outcomes. Normally, it will address critical risks, where the implications for the firm could be disastrous, as well as evolving risks, which could cause bigger problems in the future if they aren't carefully monitored. The reports are written by our project manager, the project team, or the risk owner.
Our Risk Management Steps
We help organizations identify, assess, and prioritize organizational risk.
Risk Identification
- Risk seminars
- Checklists
- Brainstorming
- Interviewing
- Delphi methodology
- Diagrams of cause and effect
- Root cause analysis
Risk Register
- list of defined threats, possible responses, and root causes
- control and track the risks
Risk Analysis
- Quantitative Analysis
- Qualitative Analysis
- Risk Matrix
Risk Response Planning
Positive Response
- Enhance
- Exploit
- Accept
- Share
Negative Response
- Mitigate
- Transfer
- Avoid
- Accept
Risk Mitigation & Contingency
- Strategies to limit internal risks and external risks
- Mitigate the risk
- Transfer the risk
- Avoid the risk
- Accept the risk
- Emergency Plans
- Backups Plans
Risk Monitoring and Control
- Tracking the identified risks, Monitoring residual risks;
- Identify new risks, update the risk register, and evaluate the reasons for the change;
- Enforce a risk response plan and monitor risk trigger
How our Risk Management Services are Beneficial
- Our risk managers have 10+ years in leadership leading to better quality & purposeful engagement with project teams & stakeholders including clients.
- Significantly improving communications among all the project stakeholders from sponsors, clients, project managers, and team members to end-users.
- Generate reports of contingency budgets for cost & schedule.
- Meticulously provides insights into areas of improvement.
- Foreseeing risks that impact project performance and gaining key stakeholders in crucial interactions regarding the project.
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