Kuala Lumpur - PMI Global Congress 2009 - Risk Management

Risk Management Presenter Torsten J. Koerting www.torstenkoerting.com Session # www.torstenkoerting.com – torsten.koerting@gmail.com

THANK YOU www.torstenkoerting.com – torsten.koerting@gmail.com

www.torstenkoerting.com – torsten.koerting@gmail.com

www.torstenkoerting.com www.torstenkoerting.com – torsten.koerting@gmail.com

What are we going to talk about today • NO standard stuff about Risk Management • Get more ideas • Interact and share • Increase your toolbox www.torstenkoerting.com – torsten.koerting@gmail.com

Risk Mgmt Standard (AS/NZS 4360) www.torstenkoerting.com – torsten.koerting@gmail.com

Agenda 1. Introduction 2. Why 3. Project Register 4. Risk Assessment 5. Effective Process 6. Risk Profile presentation 7. Project Health Check www.torstenkoerting.com – torsten.koerting@gmail.com

Introduce yourself Who are you? What are you? Why are you here? …AUDIENCE… www.torstenkoerting.com – torsten.koerting@gmail.com

Agenda 1. Introduction 2. Why 3. Project Register 4. Risk Assessment 5. Effective Process 6. Risk Profile presentation 7. Project Health Check www.torstenkoerting.com – torsten.koerting@gmail.com

Why does Risk Management becomes MORE and more important ? www.torstenkoerting.com – torsten.koerting@gmail.com

The World The World Inconvenient is changing is flat Truth www.torstenkoerting.com – torsten.koerting@gmail.com

The World 1. The Fall of the Berlin Wall is flat 2. The Internet 3. Work-Flow Software 4. Open-Sourcing 5. Outsourcing 6. Off-Shoring 7. Supply-Chaining 8. In-Sourcing 9. In-Forming 10.Information Steroids www.torstenkoerting.com – torsten.koerting@gmail.com

Inconvenient 1. Global Warming Truth Sea Levels rising Water shortage More storms than ever Lakes disappear More wildfires 2. Shortage in Resources Resource shortage War for resources

The World 1. Financial Crisis is changing 2. Terrorism 3. Increase of Knowledge 4. Growth in Population 5. Flatter 6. Warmer

??? The Impact : 1. Increased Complexity 2. Increased Competition 3. Dynamics of Change www.torstenkoerting.com – torsten.koerting@gmail.com

Agenda 1. Introduction 2. Why 3. Project Register 4. Risk Assessment 5. Effective Process 6. Risk Profile presentation 7. Project Health Check

Risk Mgmt Standard (AS/NZS 4360)

Risk Register Purpose • What is it and how is it structured • Critical success factors • Audience • Discuss different options • Private, Government, etc. and discuss Characteristics, Pro’s and Con’s

Risk Register – What is it ? • records details of all the risks identified at the beginning and during the life of the project • their grading in terms of likelihood of occurring and seriousness of impact on the project • initial plans for mitigating each high level risk • the costs and responsibilities of the prescribed mitigation strategies and subsequent results.

Risk Register - holds • a description of each risk and how it will affect the project • an assessment of the likelihood it will occur and the possible seriousness/impact if it does occur (low, medium, high) • a grading of each risk according to company standards • who is responsible for managing the risk • an outline of proposed mitigation actions (preventative and contingency) • in larger projects, costings for each mitigation strategy

Risk Register – why ? • provide a useful tool for managing and reducing the risks • document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of likelihood and seriousness • provide the Project Sponsor, Steering Committee/senior management with a documented framework from which risk status can be reported • ensure the communication of risk management issues to key stakeholders • provide a mechanism for seeking and acting on feedback to encourage the involvement of the key stakeholders • identify the mitigation actions required for implementation of the risk management plan and associated costings

Risk Register – Critical Success Factors • Needs to be filled Risk Assessment • Needs to be up to date Process • Needs to be complete special Risks • Needs to be communicated Presentation

Risk Register – Structure option 1 (private industry) • Identification Date, Risk, Description • Qualitative Analysis Type, Probability, Impact • Quantitative Analysis Probability (%), Effect ($ or days) • Response Strategy Strategy, Response Action, Affected Phase • Monitoring and Control Responsibility, Date, Comments

Risk Register – Structure option 1 (private industry) • Identification Date, Risk, Description

Risk Register – Structure option 1 (private industry) • Qualitative Analysis Type, Probability, Impact

Risk Register – Structure option 1 (private industry) • Quantitative Analysis Probability (%), Effect ($ or days)

Risk Register – Structure option 1 (private industry) • Response Strategy Strategy, Response Action, Affected Phase

Kuala Lumpur - PMI Global Congress 2009 - Risk Management

by Torsten Koerting

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