Risk management is the process that allows IT managers to balance the operational and economic costs of protective
measures and achieve gains in mission capability by protecting the IT systems and data that support their organizations´ missions.
The head of an organizational unit must ensure that the organization has the capabilities needed to accomplish its mission.
These mission owners must determine the security capabilities that their IT systems must have to provide the
desired level of mission support in the face of threats.
A well-structured risk management methodology can help management identify appropriate controls for providing the
mission-essential security capabilities.
location, one of the most important steps undertaken
is identifying the risks associated with the project.
• Short elapse and tight project schedules.
• Communication between the offshore and onsite team
• Change of key staff during project
• Language / Cultural
• Assumption analysis
• Previous project experiences
In this step the risks identified in the previous step are analysed and quantified. During analysis and quantification, the following are determined for every risk.
The probability of the risk occuring is estimated by categorizing it qualitatively as very low, medium, high and very high.
The impact of the risk to the project is estimated by categorizing the risk as negligible, marginal, critical and catastrophic. The impact is estimated based on how it affects the cost, performance, schedule and support of the project.
The overall risk to the project is determined by combining probability and impact estimates of the risk.
In this step the risks quantified in the previuos
steps are prioritised so that they can be tracked
and controlled efficiently.
It is very much possible
that a risk has been identified because of various
`unknown´; elements. One or more of the following
mechanisms resolve some of these unknown elements.
• Simulations
• Benchmarks
This step involves developing actions to address indivual risks, prioritizing risk actions and creating an integrated risk management plan addressing the following:
At Mainward, every risk identified is tracked on
a regular basis and is reprioritised based on the
current circumstances of
the project. The risk is
mentioned through out the projects´s lifecycle.
In case a risk is triggered, the concerned team
members are notified and the action to minimize
the impact of the risk
goes into effect. Monitoring
also includes tracking these actions. This activity
checks for the apropriateness of the and if
found
inappropriate corrective and controlling
measures are taken.
The key aspect of Mainward´s risk management
approach is to share the risks with the management
of Mainward, team
members and the clients thereby
providing a transparent view on the issues affecting
the project.
Project Management will focus on the early identification
of the potential issues/risk factors and their resolution.
Risk
factors will be tracked continuously and timely
action will be taken to contain the risk.
