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Risk Assessment Mtg.

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You met with your department manager, a few of the stakeholders, and the sponsor last week to review the list of possible risks. They accepted most of your risks and agreed that the next step was the assessment. There was some confusion, however, over how that step should be completed. Apparently, a prior project manager did a poor job with risk assessment and felt that it was an unnecessary activity. This resulted in the project encountering several risks and always being in fire-fighting mode. Several of the stakeholders (who were impacted most by this mode) want a much more formal approach taken to risk assessment (as does the CEO).

Assignment Guidelines:

You have scheduled a risk assessment meeting for later this week. Create a pre read document for the meeting participants that will walk them through how you will run the meeting and what they should prepare in advance. In your 2-3 page document, be sure to address the following:

Who will you involve? (number of people, roles, and project responsibilities)
How will you manage the group?
What is your process for assessing the risks? What techniques will you use?
Where will you start?
In preparation for the meeting and to help you focus on the upcoming task, review your list of risks. Practice the various techniques you will use by assessing at least 15 of your risks. Create a grid for this activity. Use a qualitative method to identify the high-priority and low-priority risks. Provide a rationale for your responses. Then, using a semi-quantitative method, create a risk score and probability/impact matrix for the remaining risks. The columns should be organized as follows:

Risk event
Probability
Rationale for probability
Impact
Rationale for impact
Next steps (describe what you need to do with this risk event next: nothing, further analysis, or determine actions)

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Solution Summary

The response addresses the queries posted in 1427 words with references.

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The response addresses the queries posted in 1427 words with references.
// In this section, risk assessment process is defined to get an insight into risk management process. Participants of the risk management process are also defined here. Risk management is a group activity instead of individual activity.//

Risk assessment is an important step that helps in analyzing the impact of risks on a particular activity. It analyzes all those activities which have the potential to cause harm. Risk assessment activities are aimed to protect the business from all such possible losses as far as possible. The organization should attempt to minimize, monitor, and control the impact of such risks on the activity. Risk minimization activities help to maximize the realization of opportunities.

Participants involved in risk management process:

Board of directors: Board of directors assumes the ultimate responsibility for organization's performance. The company performs its functions through board of directors. Board of directors should install proper risk management program to assess the impact of long range plans on the firm's activities.

Risk officer: Risk management program is run by risk officer. Risk officer identifies several activities that can create potential harm in future. He is also responsible for measuring trade-offs between the risk and return (Strengthening enterprise risk management for strategic management, 2009).

Project manager: Project manager identifies and evaluates various kinds of risks that are likely to incur on project. Risks in the project can be related to scheduling, financial, operational, and any other kind of risks.

Other personnel: All the other entities participating in the project either directly or indirectly have the responsibility for managing risks. The participants should recognize the risk at an early stage in order to minimize its impact.

Managing the Group:

Risk assessment is an integrated activity which seeks the participation of all the entities of organization. It is because of the reason that risk management is an integrated activity instead of individual activity. Group should work in a cohesive manner to identify risks at the initial stage. The group members should be able to see complete picture of the activities, how they are performing, recent changes in their activities, and other trends that might affect their roles. All the processes in the group should be communicated frequently among all the group members. Proper communication helps the group members to define their roles and responsibilities ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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