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  • 1. RISK MITIGATION, MONITORING, AND MANAGEMENT(rmmm) All of the risk analysis activities presented to this point have a single goal—to assist the project team in developing a strategy for dealing with risk. An effective strategy must consider three issues: • Risk Mitigation • Risk Monitoring • Risk Management And Contingency Planning Risk Mitigation A systematic reduction in the extent of exposure to a risk and/or the likelihood of its occurrence. Also called risk reduction. Risk Mitigation covers efforts taken to reduce either the probability or consequences of a threat. These may range from physical measures (protective fences) to financial measures (stockpiling cash, insurance). Risk Mitigation Plan The risk mitigation plan is also called a risk response plan. The plan tells how specific risks will be dealt with and the action or steps that are required to carry them out. The risk mitigation plan is often used in the project management software as a series of tasks in addition to those that were already on the original activity list. As risks are about to happen, the plan identifies what actions should occur and who is responsible for carrying out those action. Benefits of Mitigation Planning 1- Increases public awareness and understanding of vulnerabilities as well as support for specific actions to reduce losses from future natural disasters. 2- Builds partnerships with diverse stakeholders, thereby maximizing opportunities to leverage data and resources, which can help reduce workloads and achieve
  • 2. shared community objectivesIt is a strategy devised to minimize, to the lowest level possible, any risks to an enterprise while still managing to maintain the optimum output and delivery of labor, goods, services, etc Risk Mitigation Strategies Risk mitigation strategies are the action plans we create after making a thorough evaluation of the possible threats, hazards or detriments that can affect a project, a business operation or any form of venture. The purpose of such strategies is to lessen or reduce, if not totally eliminate the adverse impacts of the known or perceived risks inherent in a particular undertaking, even before any damage or disaster takes place. Best practices require that the known and perceived risks be analyzed according to the degree and likelihood of the adverse results that are anticipated to take place. NFF documents such risks according to their levels of priority in a form known as a risk mitigation plan. NFF then develops and integrates a corresponding risk mitigation strategy, which will be referenced against the previously prepared risk management plan. Each critical point identified shall have a set of mitigation strategies incorporated in its procedural guidelines. The risk mitigation strategies are contained in a crisis management plan and shall form part of the initial emergency measures to take, in order to contain and prevent the worsening of the damages caused by an accident or catastrophe. Risk Monitoring A process of regular review to ensure that: New risks are identified and considered as they arise. Existing risks are monitored to identify any changes which may impact on the University. New risk controls are being implemented according to the planned schedule. Existing risk controls are still in place and working effectively.
  • 3. That information on risks is adequately communicated to appropriate parties, in particular the Vice-Chancellor and the Audit and Risk Management Committee. Risk monitoring and control continues on though a project until the project is complete. Risk monitoring and control is the process of identifying and analyzing new risk, keeping track of these new risks and forming contingency plans in case they arise. It ensures that the resources that the company puts aside for a project is operating properly. Risk monitoring and control is important to a project because it helps ensure that the project stays on track. Individual project team members or stakeholders are "individuals or organizations who stand to gain or lose from the success or failure of a system". Risk Monitoring and control process ensures the success of the project. There are many different types of software you can use track risks, it can be a simple spreadsheet to a complex database. The key to Risk Monitoring and Control is communication among the team members, identifying potential risks bringing them to the project team, analyzing the risks, and planning for them as they arise. Risk Management The Risks we encounter in a project should be resolved so that we are able to deliver the desired project to the customer. The project should be managed in such a way that the risks don’t affect the project in a big way. The art of managing of the risks effectively so that the WIN-WIN situation and friendly relationship is established between the team and the customer is called Risk Management. By using various paradigms, principles we can manage the risks. The Principles of Risk Management 1. Global Perspective: In this we look at the larger system definitions, design and implementation. We look at the opportunity and the impact the risk is going to have.
  • 4. 2. Forward Looking View: Looking at the possible uncertainties that might creep up. We also think for the possible solutions for those risks that might occur in the future. 3. Open Communication: This is to enable the free flow of communication between in the customers and the team members so that they have clarity about the risks. 4. Integrated management: In this phase risk management is made an integral part of project management. 5. Continous process :In this phase the risks are tracked continuously throughout the risk management paradigm. Risk Management Paradigm 1. Identify: Search for the risks before they create a major problem 2. Analyze: understand the nature , kind of risk and gather information about the risk. 3. Plan: convert them into actions and implement them. 4. Track: we need to monitor the necessary actions. 5. Control: Correct the deviation and make any necessary amendments. 6. Communicate: Discuss about the emerging risks and the current risks and the plans to be undertaken. How To Manage the Risks 1. Determine risk sources and Categories. 2. Determine Risk Parameters 3. Establish a Risk Management Strategy 4. Identify Risks 5. Evaluate and prioritize the risks. 6. Develop and Implement Risk mitigation plans