Corporate Risk Assessment and Mitigation Solutions
The goal of project risk management is to identify, assess, and neutralize any potential risks to project requirements before they become real threats. Only in this way can successful project completion be ensured.
TwentyEighty Strategy Execution’s project risk assessment and mitigation solutions consist in an efficient, individually tailored, holistic training program to address the core and advanced skills necessary to manage and mitigate the corporate project risks that lead to increased costs, lost time, wasted resources, and inabilities to achieve overall project criteria. Our project risk management solution was designed to help organizations:
- Decide how to approach and plan the risk management activities for the project
- Determine which risks are likely to affect a project and document their characteristics
- Characterize and analyze risks and prioritize their effects on project objectives (qualitative) and measure the probability and consequences of risks (quantitative)
- Take steps to enhance opportunities and reduce threats to meeting project objectives
- Monitor known risks, identify new risks, reduce or eliminate risks, and evaluate the effectiveness of risk reduction
What business challenge(s) are we solving for?
There are a variety of challenges that an organization faces with regard to risk management, but generally they fall into two primary categories:
1. Lack of systematic visibility into project and portfolio risk:
- Failure to institute a risk-based approach to portfolio balancing.
- Lack of a shared understanding of “deal-breakers."
- Inability to establish common language of risk management.
- Failure to integrate clear and consistent communication flows within stakeholders.
2. Absence of established project risk management protocols:
- Inability to match the risk profile of projects to project manager skills and knowledge around risk management.
- Lack of stakeholder and executive visibility to components or overall projects that are out of scope, as well as to the resulting impact to the business.
What is the benefit of addressing this challenge?
- Budget and time savings if you can manage unexpected project events in a proactive manner.
- Ability to minimize the impact of project threats and capitalize on opportunities that are identified.
- Enhanced team morale by avoiding reactive troubleshooting mode to overcome issues that should have been forecasted and mitigated proactively.
- Increased project certainty.
What is the cost of not addressing this challenge?
- Impact to Project Results:
- Unmanageable project scope creep (money, time and resources)
- Project budget overruns (money and time)
- Poor resource management (low utilization and overheads)
- Costly requirements re-work (time-consuming and costly)
- Impact to Business Results:
- Failure to achieve strategic goals (lost opportunities and improper response to threats)
- Loss of competitive positioning (lost advantage)
- Market and regulatory compliance (breaches and financial and brand consequences)
- Loss of stakeholder/customer engagement (loss of trust)
- Hits to the bottom line (waste of money)
What are the focus areas of the Learning Solution?:
Evaluate/measure the current level of risk management knowledge and practice to determine a baseline measurement.
- Risk Management Process Review to fully understand gaps and opportunities for development and standardization of risk management practices.
- Project Artifact Review to provide insight into supporting documents and process integration and their role in improvement of risk identification and mitigation.
- Risk Management Policy Review to provide learning regarding consistency, best practice, and governance.
- Integrated Risk Management Gap Analysis Provided.
- TwentyEighty Strategy Execution launches PM Appraise solution to gauge existing knowledge of core PM concepts (inclusive of risk).
Design a tailored "off-the-shelf" BA training program.
- Leverage already-developed training courses that will cover the necessary risk management skills. TwentyEighty Strategy Execution to tailor the training to support the closure of knowledge and practice gaps as identified in step 1.
Train on BABOK® aligned core risk management skills to competency levels.
- Identify and gradually eliminate skill gaps through targeted training.
- Developing learning solutions that provide tangible evidence of success in the classroom and the workplace.
|Adopt and reinforce skills; measure return on investment:
- Broach classroom training to practical application and on-going skills adoption.
- Provide practical guidance and coaching.
- Reinforce the application and use of best practices back on the job.
- Review and solve problems on current projects.
- Provide clear and substantial validation for initiatives.