Have you assessed your Risk?
Risk Management(RM) allows executives, business, and product owners to proactively protect in an increasingly risky world. RM can provide peace-of-mind.
Risk Management can significantly influence & improve the success rate of a current or future project. RMC Project Practices can train a company’s Project, Functional, Line, and Department Managers into Risk Management Experts, helping them detect the early warning signals and to deal with them responsibly and immediately.
Risks can be External (cannot be controlled by the Project Manager) and Internal (can be managed by Project Manager). A risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on Project’s objectives.
Fortune 500 Companies understand the importance of effective Risk Management and hire Risk Management consulting (RMC) companies. Enterprise Risk Management consulting firms conduct the assessment of “Risk Maturity” across the Organization and provide the roadmap for dealing with Risks effectively.
Risk Management Consulting experts provide services based on established Risk Management Standards practices:
– The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management(ERM) — Integrated Framework
– The Institute of Risk Management standard
– ISO 31000 2009 Standards
These standards include a step-by-step process of identifying:
- A) The Risk
- B) The Risk Assessments (Qualitative & Quantitative)
- C) The Appropriate Response to the Risk
- D) The Implementation of the Response to the Risk
- E) The Control & Management of Future Risks (as continuous process throughout the ProjectExecution)
Risk Management Consulting experts cover:
- Enterprise Risk Management
- Enterprise Risk Maturity Assessment
- Setting up PMO (with emphasis on Risk Management)
- Recommend Risk Standards(based on projects or products or industry)
- Project or Product Risk Management
- Identify Risks
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Plan Risk Response
- Implement Risk Response
- Monitor & Control Risk
- Risk Reassessment
Risk Threat Opportunity
Enterprise Risk Management: Risk Experts assess on companies Risk Maturity and provide the high-level Report. Various levels of Risk Maturity are Naive, Novice, Normalized, and Natural. Risk Experts work with Senior Executives on preparing the roadmap for improving the Risk Maturity of the Organization. Risk Management Experts help organizations in developing Risk Management Plans, Risk Management Templates, Risk Management Dashboards and Risk Management Standards. They assist businesses in conducting Risk Management Awareness sessions, preparing Risk Management Case studies (tailor-made to the industry or previous experiences of the organization).
Project or Product Risk Management: Projects or Products have the highest level of risk exposure during initial stages. Practical Risk Management practices can scientifically reduce the risk. Risks are identified using techniques such as:
- SWOT Analysis
- Cause & Effect Diagrams
- Analyzing past projects by involving all stakeholders in the organization.
Few Risk Management Consultants can customize based on the type of the Projects or Products (predictive or exploratory) and help organizations throughout the Risk Management Process.
Some high-level steps adhered to when assessing Enterprise Risk Management are:
- Identifying the risks
- Risk assessment
- Risk response planning
- Implement risks (take action if the risk occurs)
- Reporting risks (communication)
- Risk reviews
- Document risks (lessons learned or update risk register)
Risk Management Experts empower teams and organizations in estimating the “Contingency Reserves” for Project/Product and Design Dashboards to monitor the Risk reserves.
About Bala Guntipalli
Bala Guntipalli’s passions and expertise lay in digital transformation and cybersecurity management. His consulting processes have been mastered over the past two decades across the globe. As a student of Harvard University & The Indian Institute of Technology, recognized public speaker, global IT sourcing company with 450 employees to support him, Bala is always looking forward to helping companies that want to move effectively, efficiently, and with Agility into the future.
Bala Guntipalli MBA, Sr. VP – Tech & Ops