Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA) - Understanding the risk management process is the key to defining the purpose and the goals
This document provides guidance on security risk management (SRM) for non-governmental organizations (NGOs). It details a SRM process that includes preparing a security risk assessment (SRA). The SRA process involves assessing the operational context, threats, and vulnerabilities, analyzing risks by evaluating impact and likelihood, and identifying mitigation measures to reduce risks. The overall SRM process aims to help NGOs safely achieve their missions by managing security risks through a standardized, systematic approach.
1) The document discusses organization level risk management. It addresses the importance of risk management for organizations' success, defining their risk attitude and thresholds, planning risks, establishing risk methodology, considering risk factors, implementing risk management, and learning from past lessons.
2) It emphasizes establishing a clear understanding of strategic risks and opportunities faced by the organization. A suitable risk methodology should guide risk management activities to achieve strategic goals.
3) Recording and applying lessons learned is important for organizational maturity. Both risks and opportunities from the past, whether achieved or missed, provide learning.
The document discusses risk management and risk transfer. It defines key terms like risk, risk management, and risk transfer. It outlines different risk categories and techniques for managing risk, including risk retention, insurance, and other methods. It emphasizes that a multi-pronged approach to risk management is most effective, using techniques like risk identification, analysis, control, and monitoring. The presentation aims to explain why risk management is important and how integrating different risk transfer and control strategies can benefit organizations.
This document provides an agenda for a crash course on managing cyber risk using quantitative analysis. It covers concepts like risk, uncertainty, and risk management approaches. It then discusses qualitative, semi-quantitative, and quantitative risk analysis methods. Monte Carlo simulation and PERT distributions are presented as tools for quantitative analysis. Exercises are provided to demonstrate applying these concepts, including estimating the risk associated with unencrypted laptops being lost or stolen.
Dtt Fsi Global Risk Management Survey Fifth Editionbartonp
The document is a summary of findings from Deloitte's fifth global risk management survey of 130 financial institutions with nearly $21 trillion in total assets. Key findings include:
1) Risk management oversight has risen to the board level at 70% of institutions compared to 59% in 2004.
2) 84% of institutions now have a Chief Risk Officer compared to 65% in 2002.
3) Institutions rate themselves most effective at managing traditional risks like market, credit, and liquidity, and less effective at newer risks like operational and geopolitical risks.
4) Only 35% of institutions have fully implemented enterprise-wide risk management programs.
This document provides an overview of risk management concepts including enterprise risk management (ERM), own risk and solvency assessment (ORSA), economic capital modeling, continuity analysis, and the role of supervision. It discusses key aspects of ERM frameworks, governance structures, developing risk functions, risk policies, risk profiling processes, and qualitative and quantitative risk evaluation methods. It also outlines the purposes and processes of economic capital models, continuity analysis, and supervisory oversight. Soft skills training is also briefly mentioned.
The document provides an overview of project risk management processes and techniques. It discusses qualitative and quantitative risk analysis methods, such as probability/impact matrices and decision trees. Response strategies like risk avoidance, mitigation, and acceptance are also covered. The document aims to equip project managers with tools and best practices for identifying, assessing, and responding to risks throughout the project life cycle.
Top 5 secrets to successfully jumpstarting your cyber-risk programPriyanka Aash
Businesses like Autodesk understand that cyber-risk management is essential, but they often don’t know where to begin. Autodesk implemented a cyber-risk framework in six months by using Agile software development, risk modeling and risk quantification. This session will explore the company’s success secrets and offers advice on how security leaders can jumpstart their cyber-risk program.
(Source : RSA Conference USA 2017)
This document provides guidance on security risk management (SRM) for non-governmental organizations (NGOs). It details a SRM process that includes preparing a security risk assessment (SRA). The SRA process involves assessing the operational context, threats, and vulnerabilities, analyzing risks by evaluating impact and likelihood, and identifying mitigation measures to reduce risks. The overall SRM process aims to help NGOs safely achieve their missions by managing security risks through a standardized, systematic approach.
1) The document discusses organization level risk management. It addresses the importance of risk management for organizations' success, defining their risk attitude and thresholds, planning risks, establishing risk methodology, considering risk factors, implementing risk management, and learning from past lessons.
2) It emphasizes establishing a clear understanding of strategic risks and opportunities faced by the organization. A suitable risk methodology should guide risk management activities to achieve strategic goals.
3) Recording and applying lessons learned is important for organizational maturity. Both risks and opportunities from the past, whether achieved or missed, provide learning.
The document discusses risk management and risk transfer. It defines key terms like risk, risk management, and risk transfer. It outlines different risk categories and techniques for managing risk, including risk retention, insurance, and other methods. It emphasizes that a multi-pronged approach to risk management is most effective, using techniques like risk identification, analysis, control, and monitoring. The presentation aims to explain why risk management is important and how integrating different risk transfer and control strategies can benefit organizations.
This document provides an agenda for a crash course on managing cyber risk using quantitative analysis. It covers concepts like risk, uncertainty, and risk management approaches. It then discusses qualitative, semi-quantitative, and quantitative risk analysis methods. Monte Carlo simulation and PERT distributions are presented as tools for quantitative analysis. Exercises are provided to demonstrate applying these concepts, including estimating the risk associated with unencrypted laptops being lost or stolen.
Dtt Fsi Global Risk Management Survey Fifth Editionbartonp
The document is a summary of findings from Deloitte's fifth global risk management survey of 130 financial institutions with nearly $21 trillion in total assets. Key findings include:
1) Risk management oversight has risen to the board level at 70% of institutions compared to 59% in 2004.
2) 84% of institutions now have a Chief Risk Officer compared to 65% in 2002.
3) Institutions rate themselves most effective at managing traditional risks like market, credit, and liquidity, and less effective at newer risks like operational and geopolitical risks.
4) Only 35% of institutions have fully implemented enterprise-wide risk management programs.
This document provides an overview of risk management concepts including enterprise risk management (ERM), own risk and solvency assessment (ORSA), economic capital modeling, continuity analysis, and the role of supervision. It discusses key aspects of ERM frameworks, governance structures, developing risk functions, risk policies, risk profiling processes, and qualitative and quantitative risk evaluation methods. It also outlines the purposes and processes of economic capital models, continuity analysis, and supervisory oversight. Soft skills training is also briefly mentioned.
The document provides an overview of project risk management processes and techniques. It discusses qualitative and quantitative risk analysis methods, such as probability/impact matrices and decision trees. Response strategies like risk avoidance, mitigation, and acceptance are also covered. The document aims to equip project managers with tools and best practices for identifying, assessing, and responding to risks throughout the project life cycle.
Top 5 secrets to successfully jumpstarting your cyber-risk programPriyanka Aash
Businesses like Autodesk understand that cyber-risk management is essential, but they often don’t know where to begin. Autodesk implemented a cyber-risk framework in six months by using Agile software development, risk modeling and risk quantification. This session will explore the company’s success secrets and offers advice on how security leaders can jumpstart their cyber-risk program.
(Source : RSA Conference USA 2017)
Risk management is a critical process for any organization. It involves identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate negative risks and maximize opportunities. The document provides an overview of risk management concepts and best practices. It defines risk, discusses why risk management is important, and outlines the basic steps of the risk management process including identification, analysis, evaluation, and monitoring of risks. Various risk assessment and prioritization techniques are also presented. The goal of risk management is to increase awareness and preparedness so organizations can achieve their objectives and improve outcomes.
This document defines key concepts in risk management and integrated risk management. It outlines the 5 key steps to risk management: 1) plan risk management, 2) identify risks, 3) analyze risks, 4) plan risk responses, and 5) monitor and control risks. It also describes different approaches to responding to negative and positive risks, such as avoiding, mitigating, transferring, or accepting negative risks and exploiting, enhancing, sharing, or accepting positive risks. The goal of integrated risk management is to take a more coordinated approach to risk identification and response across an organization.
The document discusses enterprise IT risk management. It notes that IT is now core to business and a top audit committee concern. IT risk management covers more than just information security, including risks from late projects, lack of value from IT, compliance issues, outdated architecture, and service problems. IT risk does not come solely from the IT department but from various external partners and users. The document discusses who should own IT risk and outlines frameworks and maturity models for assessing an organization's IT risk posture.
Increasing the Probability of Success with Continuous Risk ManagementGlen Alleman
Cost and schedule growth is created when unrealistic technical performance expectations, unrealistic cost and schedule estimates, unanticipated technical issues, and poorly performed and ineffective risk management contribute to program technical and programmatic shortfalls
The document discusses risk management frameworks and processes. It provides:
1) An overview of risk management, including highlighting risks at the project, program, and portfolio levels.
2) A risk management framework involving establishing context, risk identification, analysis, evaluation, and treatment.
3) Details of risk governance, including risk management plans, risk registers, governance documents, and ongoing and discrete risk activities.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
This document discusses risk management for projects. It defines project risk and different risk types. It outlines the risk management plan and process, including risk identification, qualitative and quantitative analysis, and developing responses. The risk register is used to document risks, analyses, and responses. Contingency plans and reserves help mitigate risks. Risk management involves processes to identify, analyze, and respond to project uncertainties.
This webinar provides insights on how intelligent risk taking plays an important part in the growth and establishment of an organization's success. Risk taking is an integral part of the business and the ability to achieve goals is affected by the risk-taking strategies.
Main points covered:
• Risk Scaling
• Risk Portfolio Consolidation
• Risk Tolerance
• Leveraging the risk tolerance
Presenter:
Hans Læssøe, M. Sc. head of establishing strategic risk management within Lego Group on project base in 2006. Without delay in 2008, he was appointed to Senior Director of Strategic Risk Management which he led for a decade. Hans Læssøe has more than 35 years of LEGO Seniority. In April 2017, Hans Læssøe established a strategic risk management consulting “AKTUS” focusing on deploying risk management techniques to make maneuverability a strategic advantage.
Link of the recorded session published on YouTube: https://youtu.be/aoiGGCm8SAc
Positioning project, programme and portfolio risk Dr David Hancock
What is meant by risk and is it different from the project, programme, portfolio and organisational perspective. How does it differ fro Major Projects and what about wicked, tame and messes.
This presentation talks about how risks in a project are analyzed and quantified. The presentation also discusses benefits of quantification of risks and the various tools at our disposal to manage risks effectively through quantification.
The document discusses project risk management. It defines risk management as identifying, assigning, and responding to risk throughout a project's life to help meet objectives. It describes risks as potential problems that could impede success and notes risk management can improve success by selecting good projects and developing realistic estimates. It outlines the major processes of project risk management as risk identification, quantification, response development, and control.
Risk Management is a necessity in contract management. The presentation touches the need for contract risk management which is also a foundation for project risk management
Software Project Risk Management Practice in OmanEECJOURNAL
Oman is a member of Gulf Cooperation Council (GCC). It is located in Southwest Asia and it has strategic significant boundaries, Overlooking the Arabian Sea, Gulf of Oman, and the Persian Gulf. It is the 80th in Global Innovation Index in 2019 and 63 in E-Government Development Index in 2018. Oman is an effective member of the Greater Arab Free Trade Agreement (GAFTA) and the World Trade Organization (WTO). Furthermore, Oman's government has continued efforts to develop local and foreign investments by signing a Free Trade Agreement (FTA) with the USA. Oman plays a significant role in investments due to its strategic location connected to the markets in the Gulf, the Middle East, Asia, and Africa. Oman's vision is to involve all new technologies to be always beside the developed countries. To achieve that, Oman established The Government Innovation Initiative to encourage government entities in creativity and introduce their suggestions to enhance governmental performance and enhance the efficiency in different fields. This is realized by involving modern technologies like the Internet of Things (IoT), Artificial Intelligence (AI), Cloud Computing, Virtual Reality Applications, and Blockchain. In Oman, the risk management approach is a core technique. Three major stages are applied systematically in risk management in software projects. These stages involve a) identifying the risk; b) analyzing and assessing the risk, and c) reaction to the risk. There is no doubt that the high risk belonged to business will have negative impacts on all of its participants. Wherefore, this paper sheds the light on that knowledge area. The aim of this paper is to review the present literature on risk management processes implemented in software projects. There is a dearth in the literature which covers the risk management area knowledge in Oman's organizations. This paper target finding out the commonly used frameworks or mechanisms in risk management in software projects. It also tries to collect the responses to state the various types of risk origins in the existing profit and non-profit organizations in Oman and to recognize the coming research trends in this area.
RISK MANAGEMENT: ISSUES, CHALLENGES AND OPPORTUNITYAshim Sharma
All types of organizations face with the some forms of risks, which may affect their chance of success. Understanding the risks and effectively managing these will greatly help the organizations in achieving the long term success. Risk management can be an important tool to eliminate potential problem in an organization. As a project manager or team member, we have to manage risk on a daily basis; it’s one of the most important things to do.
The importance of properly describing risks
Presented by Peter Simon
Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Macclesfield
Critical role of_risk_assessment_in_international_projects_enVyacheslav Guzovsky
Risk is usually applied to negative events, things that might go wrong. Hopefully there are things that we can do, systems that we can put into place that will prevent bad things from happening, or at least if bad things happen, will minimize the likelihood of it being a total catastrophe. Some of these things are obvious, some of them are not so obvious and might sound like common sense, but there is a lot of science to back this up. This science is called risk management. It is a whole profession and may take you a few years to get there. The good news is it is a gradual process, and all we need to know is that it can be a handy tool for our trade and achievable by changing our working habits.
Increasing the Probability of Project SuccessGlen Alleman
This document discusses principles and practices for increasing the probability of project success by managing risk from uncertainty. It defines risk as the effect of uncertainty on objectives. There are two types of uncertainty - epistemic (reducible) and aleatory (irreducible). Risk from epistemic uncertainty can be reduced through work on the program, while risk from aleatory uncertainty requires establishing margins. The document argues that effective risk management is needed to deliver capabilities on time and budget by identifying risks, understanding their interactions and impacts, and implementing risk handling strategies. This increases the likelihood of project success by preventing problems, improving quality, enabling better resource use, and promoting teamwork.
6 Pitfalls when Implementing Enterprise Risk ManagementPECB
This webinar covers seven common pitfalls faced when establishing enterprise risk management. Also, it conveys the commitment necessary for the proper implementation in order to achieve organizational objectives over time.
Main points covered:
Major drawbacks in Enterprise Risk Management
• Weak tone at the top
• Focusing on issues instead of risks
• Not embedding ERM within business
• Not rethinking perspective towards risk
• Unidimensional risk evaluation
• Vague risk responses
Presenter:
Shady Hallab is an Experienced Manager at PricewaterhouseCoopers LLP in Montreal. He focuses mainly on managing and directing enterprise risk management programs and acts as a risk advisor for evaluating and recommending risk solution best practices for a wide range of private, public and government organizations.
Link of the recorded session published on YouTube: https://youtu.be/GRj_GdIqIo4
The document discusses various types of market, business, and financial risks. It identifies interest rate risk, credit risk, liquidity risk, volatility risk, operational risk, and market risk as key market risks. Business risks include strategic risks related to industry changes, compliance risks related to laws and regulations, financial risks related to cash flow and operations, and operational risks related to processes and procedures. Risk management strategies involve accepting, transferring, reducing, or eliminating risks through insurance policies, financial instruments, controls, and preventative measures.
Risk Reimagined! Series- The Relationship Between Strategy, Governance and Ri...Resolver Inc.
Copyright notice: The following slides are intended for professional use within an organization for discussion purposes only. Any other uses or modifications are strictly prohibited.
In this presentation, Norman Marks and Richard Anderson discuss two related topics. The first is the relationship between the strategies set by the organization, its governance, and risks to its objectives. Their conversation addresses:
• How does a senior executive or board member gauge the effect of risk on corporate objectives?
• Is it enough to review a list of top risks at every board meeting?
• How does the board know whether risk management is adding value?
• How do you measure success?
• Where do reward and opportunity factor in?
The second topic is one that is heavily debated among practitioners, whether the concepts of risk appetite and tolerance can be applied effectively in practice. Areas they cover include:
• What is risk appetite? What is risk tolerance?
• Is it a useful concept or an overly complicated piece of mumbo jumbo?
• How can you help the board and top management set desired levels of risk and also help decision-makers take the right level of the right risks?
• Does it make sense to be “risk averse”?
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of
success.
This document describes the foundations for conducting a risk assessment of a large-scale system
development project. Such a project will likely include the procurement of Commercial Off The
Shelf (COTS) products as well as their integration with legacy systems.
Niwot Ridge
Enterprise risk management has become a vital component to cyber security, logistics management, asset management and supply chain management. As organizations continue to rely on data to drive workforce automation, Industrial IoT and process automation, it is becoming necessary to analyze data to discover risk before it occurs and implement effective remediation practices and processes. Seminar participants will collaborate and explore the emerging new use cases for enterprise risk management that addresses the need to better understand how to leverage critical data to predict and understand how data analytics can support risk management and mitigation in an increasingly data-dependent workforce environment.
During this seminar, participants will:
a. Explore new innovations in enterprise risk management that will provide new career opportunities for STEM professionals
b. Examine the skills and experiences necessary to take advantage of risk management career opportunities
c. Discern the applicable areas for enterprise risk management
d. Determine the importance of addressing enterprise risk management in all digital transformation initiatives
e. Identify the market growth and consulting opportunities in enterprise risk management
Risk management is a critical process for any organization. It involves identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate negative risks and maximize opportunities. The document provides an overview of risk management concepts and best practices. It defines risk, discusses why risk management is important, and outlines the basic steps of the risk management process including identification, analysis, evaluation, and monitoring of risks. Various risk assessment and prioritization techniques are also presented. The goal of risk management is to increase awareness and preparedness so organizations can achieve their objectives and improve outcomes.
This document defines key concepts in risk management and integrated risk management. It outlines the 5 key steps to risk management: 1) plan risk management, 2) identify risks, 3) analyze risks, 4) plan risk responses, and 5) monitor and control risks. It also describes different approaches to responding to negative and positive risks, such as avoiding, mitigating, transferring, or accepting negative risks and exploiting, enhancing, sharing, or accepting positive risks. The goal of integrated risk management is to take a more coordinated approach to risk identification and response across an organization.
The document discusses enterprise IT risk management. It notes that IT is now core to business and a top audit committee concern. IT risk management covers more than just information security, including risks from late projects, lack of value from IT, compliance issues, outdated architecture, and service problems. IT risk does not come solely from the IT department but from various external partners and users. The document discusses who should own IT risk and outlines frameworks and maturity models for assessing an organization's IT risk posture.
Increasing the Probability of Success with Continuous Risk ManagementGlen Alleman
Cost and schedule growth is created when unrealistic technical performance expectations, unrealistic cost and schedule estimates, unanticipated technical issues, and poorly performed and ineffective risk management contribute to program technical and programmatic shortfalls
The document discusses risk management frameworks and processes. It provides:
1) An overview of risk management, including highlighting risks at the project, program, and portfolio levels.
2) A risk management framework involving establishing context, risk identification, analysis, evaluation, and treatment.
3) Details of risk governance, including risk management plans, risk registers, governance documents, and ongoing and discrete risk activities.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
This document discusses risk management for projects. It defines project risk and different risk types. It outlines the risk management plan and process, including risk identification, qualitative and quantitative analysis, and developing responses. The risk register is used to document risks, analyses, and responses. Contingency plans and reserves help mitigate risks. Risk management involves processes to identify, analyze, and respond to project uncertainties.
This webinar provides insights on how intelligent risk taking plays an important part in the growth and establishment of an organization's success. Risk taking is an integral part of the business and the ability to achieve goals is affected by the risk-taking strategies.
Main points covered:
• Risk Scaling
• Risk Portfolio Consolidation
• Risk Tolerance
• Leveraging the risk tolerance
Presenter:
Hans Læssøe, M. Sc. head of establishing strategic risk management within Lego Group on project base in 2006. Without delay in 2008, he was appointed to Senior Director of Strategic Risk Management which he led for a decade. Hans Læssøe has more than 35 years of LEGO Seniority. In April 2017, Hans Læssøe established a strategic risk management consulting “AKTUS” focusing on deploying risk management techniques to make maneuverability a strategic advantage.
Link of the recorded session published on YouTube: https://youtu.be/aoiGGCm8SAc
Positioning project, programme and portfolio risk Dr David Hancock
What is meant by risk and is it different from the project, programme, portfolio and organisational perspective. How does it differ fro Major Projects and what about wicked, tame and messes.
This presentation talks about how risks in a project are analyzed and quantified. The presentation also discusses benefits of quantification of risks and the various tools at our disposal to manage risks effectively through quantification.
The document discusses project risk management. It defines risk management as identifying, assigning, and responding to risk throughout a project's life to help meet objectives. It describes risks as potential problems that could impede success and notes risk management can improve success by selecting good projects and developing realistic estimates. It outlines the major processes of project risk management as risk identification, quantification, response development, and control.
Risk Management is a necessity in contract management. The presentation touches the need for contract risk management which is also a foundation for project risk management
Software Project Risk Management Practice in OmanEECJOURNAL
Oman is a member of Gulf Cooperation Council (GCC). It is located in Southwest Asia and it has strategic significant boundaries, Overlooking the Arabian Sea, Gulf of Oman, and the Persian Gulf. It is the 80th in Global Innovation Index in 2019 and 63 in E-Government Development Index in 2018. Oman is an effective member of the Greater Arab Free Trade Agreement (GAFTA) and the World Trade Organization (WTO). Furthermore, Oman's government has continued efforts to develop local and foreign investments by signing a Free Trade Agreement (FTA) with the USA. Oman plays a significant role in investments due to its strategic location connected to the markets in the Gulf, the Middle East, Asia, and Africa. Oman's vision is to involve all new technologies to be always beside the developed countries. To achieve that, Oman established The Government Innovation Initiative to encourage government entities in creativity and introduce their suggestions to enhance governmental performance and enhance the efficiency in different fields. This is realized by involving modern technologies like the Internet of Things (IoT), Artificial Intelligence (AI), Cloud Computing, Virtual Reality Applications, and Blockchain. In Oman, the risk management approach is a core technique. Three major stages are applied systematically in risk management in software projects. These stages involve a) identifying the risk; b) analyzing and assessing the risk, and c) reaction to the risk. There is no doubt that the high risk belonged to business will have negative impacts on all of its participants. Wherefore, this paper sheds the light on that knowledge area. The aim of this paper is to review the present literature on risk management processes implemented in software projects. There is a dearth in the literature which covers the risk management area knowledge in Oman's organizations. This paper target finding out the commonly used frameworks or mechanisms in risk management in software projects. It also tries to collect the responses to state the various types of risk origins in the existing profit and non-profit organizations in Oman and to recognize the coming research trends in this area.
RISK MANAGEMENT: ISSUES, CHALLENGES AND OPPORTUNITYAshim Sharma
All types of organizations face with the some forms of risks, which may affect their chance of success. Understanding the risks and effectively managing these will greatly help the organizations in achieving the long term success. Risk management can be an important tool to eliminate potential problem in an organization. As a project manager or team member, we have to manage risk on a daily basis; it’s one of the most important things to do.
The importance of properly describing risks
Presented by Peter Simon
Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Macclesfield
Critical role of_risk_assessment_in_international_projects_enVyacheslav Guzovsky
Risk is usually applied to negative events, things that might go wrong. Hopefully there are things that we can do, systems that we can put into place that will prevent bad things from happening, or at least if bad things happen, will minimize the likelihood of it being a total catastrophe. Some of these things are obvious, some of them are not so obvious and might sound like common sense, but there is a lot of science to back this up. This science is called risk management. It is a whole profession and may take you a few years to get there. The good news is it is a gradual process, and all we need to know is that it can be a handy tool for our trade and achievable by changing our working habits.
Increasing the Probability of Project SuccessGlen Alleman
This document discusses principles and practices for increasing the probability of project success by managing risk from uncertainty. It defines risk as the effect of uncertainty on objectives. There are two types of uncertainty - epistemic (reducible) and aleatory (irreducible). Risk from epistemic uncertainty can be reduced through work on the program, while risk from aleatory uncertainty requires establishing margins. The document argues that effective risk management is needed to deliver capabilities on time and budget by identifying risks, understanding their interactions and impacts, and implementing risk handling strategies. This increases the likelihood of project success by preventing problems, improving quality, enabling better resource use, and promoting teamwork.
6 Pitfalls when Implementing Enterprise Risk ManagementPECB
This webinar covers seven common pitfalls faced when establishing enterprise risk management. Also, it conveys the commitment necessary for the proper implementation in order to achieve organizational objectives over time.
Main points covered:
Major drawbacks in Enterprise Risk Management
• Weak tone at the top
• Focusing on issues instead of risks
• Not embedding ERM within business
• Not rethinking perspective towards risk
• Unidimensional risk evaluation
• Vague risk responses
Presenter:
Shady Hallab is an Experienced Manager at PricewaterhouseCoopers LLP in Montreal. He focuses mainly on managing and directing enterprise risk management programs and acts as a risk advisor for evaluating and recommending risk solution best practices for a wide range of private, public and government organizations.
Link of the recorded session published on YouTube: https://youtu.be/GRj_GdIqIo4
The document discusses various types of market, business, and financial risks. It identifies interest rate risk, credit risk, liquidity risk, volatility risk, operational risk, and market risk as key market risks. Business risks include strategic risks related to industry changes, compliance risks related to laws and regulations, financial risks related to cash flow and operations, and operational risks related to processes and procedures. Risk management strategies involve accepting, transferring, reducing, or eliminating risks through insurance policies, financial instruments, controls, and preventative measures.
Risk Reimagined! Series- The Relationship Between Strategy, Governance and Ri...Resolver Inc.
Copyright notice: The following slides are intended for professional use within an organization for discussion purposes only. Any other uses or modifications are strictly prohibited.
In this presentation, Norman Marks and Richard Anderson discuss two related topics. The first is the relationship between the strategies set by the organization, its governance, and risks to its objectives. Their conversation addresses:
• How does a senior executive or board member gauge the effect of risk on corporate objectives?
• Is it enough to review a list of top risks at every board meeting?
• How does the board know whether risk management is adding value?
• How do you measure success?
• Where do reward and opportunity factor in?
The second topic is one that is heavily debated among practitioners, whether the concepts of risk appetite and tolerance can be applied effectively in practice. Areas they cover include:
• What is risk appetite? What is risk tolerance?
• Is it a useful concept or an overly complicated piece of mumbo jumbo?
• How can you help the board and top management set desired levels of risk and also help decision-makers take the right level of the right risks?
• Does it make sense to be “risk averse”?
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of
success.
This document describes the foundations for conducting a risk assessment of a large-scale system
development project. Such a project will likely include the procurement of Commercial Off The
Shelf (COTS) products as well as their integration with legacy systems.
Niwot Ridge
Enterprise risk management has become a vital component to cyber security, logistics management, asset management and supply chain management. As organizations continue to rely on data to drive workforce automation, Industrial IoT and process automation, it is becoming necessary to analyze data to discover risk before it occurs and implement effective remediation practices and processes. Seminar participants will collaborate and explore the emerging new use cases for enterprise risk management that addresses the need to better understand how to leverage critical data to predict and understand how data analytics can support risk management and mitigation in an increasingly data-dependent workforce environment.
During this seminar, participants will:
a. Explore new innovations in enterprise risk management that will provide new career opportunities for STEM professionals
b. Examine the skills and experiences necessary to take advantage of risk management career opportunities
c. Discern the applicable areas for enterprise risk management
d. Determine the importance of addressing enterprise risk management in all digital transformation initiatives
e. Identify the market growth and consulting opportunities in enterprise risk management
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of success.
This document describes the foundations for conducting a risk assessment of a large-scale system development project. Such a project will likely include the procurement of Commercial Off The Shelf (COTS) products as well as their integration with legacy systems.
CHAPTER 34Turning Crisis into OpportunityBuilding an ERM.docxketurahhazelhurst
CHAPTER 34
Turning Crisis into Opportunity
Building an ERM Program at General Motors
MARC S. ROBINSON
Assistant Director, Enterprise Risk Management, GM
LISA M. SMITH
Assistant Director, Enterprise Risk Management, GM
BRIAN D. THELEN
General Auditor, GM
This case study chronicles the ground-up implementation of enterprise riskmanagement (ERM) at General Motors Company (GM), starting in 2010through the first four years of implementation. Discussion topics include
lessons learned during implementation and some of the unique approaches, tools,
and techniques that GM has employed. Examples of senior management reporting
are also included.
I think risk management is an element of all good executive management teams
and boards. It will ensure viability in downturns and high-risk periods. I think if
that is done not only within the automotive industry, but on a global and specif-
ically on a national scale, economies will be in better shape because it is additive.
If everybody is doing their job in assessing and understanding risk, the ultimate
outcome will be much more positive for our national economy and society, and it
is incumbent that corporate leadership understands that responsibility.
—Daniel F. Akerson, Chairman and Chief Executive Officer,
General Motors, October 2012
BACKGROUND AND IMPLEMENTATION
The enterprise risk management (ERM) program at General Motors was founded
in late 2010 at the direction of GM’s then newly appointed chief executive officer
(CEO), Daniel F. Akerson, who sought to leverage the program as another means to
achieve a competitive advantage in the industry. Having gone through bankruptcy
in 2009 as a new board member, Akerson felt that a more robust risk management
program would help guide the organization around the drivers of killer risks1
going forward. His goal was to help the company ensure that it was prepared,
607
www.it-ebooks.info
608 Implementing Enterprise Risk Management
agile, and fast to respond in an ever-changing world. Perhaps most importantly,
Akerson wanted an ERM program that would focus not only on risks but on oppor-
tunities as well.
A chief risk officer (CRO) was selected and appointed from within, and the
Finance and Risk Policy Committee of the board of directors was chartered to over-
see risk management as well as financial strategies and policies. In support of the
program, a senior manager and director joined the team. Risk officers were also
identified and aligned to all direct reports of the CEO; this helped to ensure that
all aspects of the business were covered. The CEO is the ultimate chief risk officer,
and his direct reports are the ultimate risk owners. Members of the risk officer team
were carefully selected by senior leadership based on their strong business expe-
rience, financial acumen, and most of all their ability to lead in the identification
and discussion of risk in an objective and transparent manner. These representa-
tives were expected to actively p ...
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1. Tech Day VII
Chip Justice and Courtney Lane
Booz Allen Hamilton Tech Day VII
Ritz Carton
Monday, November 13, 2006
McLean, VA
Communicating and Managing Risks
within the National Geospatial-
Intelligence Agency (NGA)
2. 2Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Agenda
Defining Risk Management – Chip
Programmatic Development – Courtney
Identifying Managing Risks – Courtney
Changing A Culture – Chip
Applying Risk Management to other
Organizations – Chip
3. 3Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Agenda
Defining Risk Management – Chip
– Industry Definition vs NGA definition
– Purpose & Goals
– Value of Risk Management
– Opportunities & Issues
Programmatic Development – Courtney
Identifying and Managing Risks – Courtney
Changing A Culture – Chip
Applying Risk Management to other Organizations – Chip
4. 4Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
What is a Risk?
A threat or obstacle that prevents an organization from achieving its
objectives
A hazard
The future chance or probability of loss
5. 5Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Let’s take a look how Industry defines RiskRisk
“The potential inability to achieve overall program objectives within defined cost,
schedule, and technical constraints and has two components
(1) the probability/likelihood of failing to achieve a particular outcome, and
(2) the consequences/impacts of failing to achieve that outcome.” [1]
“...an uncertain event or condition that, if it occurs, has a positive or negative
effect on a project objective.” [2]
“RISK (risk) n. [Fr. risqué < Ital. risco.] 1. Possibility of suffering harm or loss:
DANGER. 2. A factor, course, or element involving uncertain danger: HAZARD….”
3. a. The danger of probability of loss to an insurer. b. The amount that an
insurance company stands to lose. c. One considered with respect to the possibility
of loss to an insurer <a good risk>. ” [3]
[1] Risk Management Guide for DoD Acquisition, Fourth Edition DoD, DAU, DSMC, February 2001
[2] Project Management Institute PMBOK®, 2001 Edition
[3] Webster’s II University Dictionary
6. 6Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
NGA tends to define risk much like that of the DAU but further
breaks it down into three categories
Risk
The potential inability to achieve objectives
Opportunity
The potential ability to exceed objectives
Issue
An unfavorable circumstance that is certain to affect achievement of objectives
7. 7Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
How do you communicate your risks?
8. 8Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Process
• Define a risk management process
based on the ERM process
• Introduce risk management
process documents into the
Enterprise Configuration Control
Board (ECCB)
• Recommend process
improvements
• Decision making process /
Decision point (Requirements,
spending)
NGA communicates their risks through standardized processes
utilizing People, Processes, and Technologies
People
Process Technology
People
• Promote a risk management culture
that is supported and championed by
leadership across the Enterprise
• Communicate the standup of the risk
management process through known
and established communication channels
• Provide training through established
workshops
Technology
• Promote the use of the web-based Risk, Issue, and Opportunity Tool (RIOT) to
capture and report information regarding risks, issues and opportunities
Much like Booz Allen Hamilton, NGA focuses on People, Process & Technology in
their transformation initiatives
9. 9Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Enterprise Risk Management (ERM) Vision
Effective planning
and program
implementation
Integrate good risk
information with
decision activities
for better planning
UNCLASSIFIED
UNCLASSIFIED
10. 10Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Understanding the risk management process is the key to defining
the purpose and the goals of every directorate within NGA
Purpose & Goals
– Identify the Agency’s Top Risks so that NGA can direct the right amount of
resources, at the right time, to implement the right solution
– Ensure that all NGA directorates understand the identified risk with a mitigation
plan that is created from a common frame of reference
– Create a bottom-up and top-down approach to Enterprise Risk Management
– Track overarching or summary level risks and use that information to assist with
strategic decisions
– Instill the belief in the workforce that communicating risks is a positive, not
negative, process that is rewarded, not punished
11. 11Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
The value of risk management is that it is inline with Industry best
practices and coincides with NGA’s mission
Process compliant with industry standards
Unified risk management process
Web-based risk management tool
Improved participation and communication throughout the Agency
Increase visibility with all stakeholders
Achievement of organizational objectives
Defining the value of the ERM process is different for every organization, the key is
understanding how you define ‘Value’
Defining the value of the ERM process is different for every organization, the key is
understanding how you define ‘Value’
12. 12Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
So why implement a Enterprise Risk Management (ERM) program?
It can almost be thought of as situational awareness and capital improvement all in
one
By identifying risks, executive leadership and mid level management can make a
decision that is based on solid information with a strategy to mitigate the risk at hand
Management can look to see which are the most critical risks within the agency and
then define the appropriate resources to resolve the issue
If implemented correctly, the entire enterprise will benefit from understanding the
most important issues and the biggest challenges
13. 13Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Agenda
Defining Risk Management – Chip
Programmatic Development – Courtney
– NGA Risk Management Process
– Implementation at the Program Level
Identifying and Managing Risks – Courtney
Changing A Culture – Chip
Applying Risk Management to other Organizations – Chip
14. 14Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
An enterprise risk management process should be documented to
ensure standardization
Process documentation contains the following information:
– Tasks required to implement the ERM process
– Entry and exit criteria
– Inputs and outputs
– Roles and responsibilities
– Required measures
Templates and training materials should be made available
– Risk management plan templates
– Briefing templates
– Enterprise risk management training package
15. 15Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Projects and programs should tailor the ERM process to meet their
needs
The following elements of the ERM process can be tailored by projects and
programs:
– Stakeholders
– Probability and consequence definitions
– Risk tolerance thresholds
– Roles and responsibilities
– Communication plan
– Measures
Each project and program should document their risk management process in a risk
management plan
16. 16Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Risk management at NGA is an iterative, tailorable process
Source: Adapted from the Software Engineering Institute’s“Continuous Risk Management Guidebook”
Lessons
learned
Validated risks,
issues,
opportunities
Classification
Rating
Handling
Priority
Mitigation Plans
Contingency Plans
Triggers
Status
reports
Communication
Project Kick-Off
ERM 03
Analyze
ERM 04
Plan
ERM 05
Monitor
ERM 06
Control
ERM 02
Identify
ERM 01
Develop
Strategy
17. 17Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Agenda
Defining Risk Management – Chip
Programmatic Development – Courtney
Identifying and Managing Risks – Courtney
– Identifying Risks
– Analysis and Planning
– Monitor and Control
Changing A Culture – Chip
Applying Risk Management to other Organizations – Chip
18. 18Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
There are four elements to risk identification at NGA
Title Captures the “so-what”
Statement For risks and opportunities: “If [concern], then [consequence or
benefit]
For issues: “[Statement of concern]; thus, [consequence]
Context Facts only (who, what, when, where, why)
Avoid assumptions
Do not introduce new risks
Avoid blame
Closure Criteria Must alleviate the concern in the statement to an acceptable level
Must be specific, actionable, and measurable
4
2
1
3
19. 19Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Risks are analyzed and handled using the appropriate method
Qualitative analysis is performed to
determine:
– The level of cost, schedule, and performance
impacts
– The probability of occurrence (probability is
100% if it is an issue)
Results are mapped on a probability impact
diagram to determine the risk level
A handling method is chosen depending on
the type of risk:
– Mitigate, Resolve, Exploit
– Watch
– Transfer
– Assume
Plans for reducing the probability of
occurrence or severity of consequence if the
risk occurs are developed
Probability Impact Diagram
ProbabilityofOccurrence
Consequence Level
Negligible Marginal Significant Catastrophic
0-19%
Highly Unlikely
20-39%
Unlikely
40-59%
Likely
60-79%
Highly Likely
80-99%
Near Certain
100%
Issue
Critical
20. 20Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Risks and progress on their plans must be monitored and
controlled
Monitoring risks is extremely important
– New programs are created
– Resource levels change
– Funding status changes
– New supporting information is discovered
Risks should be updated to reflect any changes found in the Monitor step
Controls (risk boards) are in place at every level of NGA to monitor risks. These
boards can make several decisions about each risk:
– Reject (need more information or rework)
– Accept
– Escalate
– Return for status
– Close
21. 21Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Risk Controls at NGA
NCEE Directorate JOIO
IT/IS EEGeoScout
Key Component Risk, Issue, and Opportunity
Management Board
(KC-ROMB)
Risk Management Core Team
(RMCT)
ELG
Strategic Risks
Enterprise Risks
Directorate
Level Risks
Program Risks
Joint Risk
Process
22. 22Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Agenda
Defining Risk Management – Chip
Programmatic Development – Chip
Identifying and Managing Risks – Courtney
Changing A Culture – Chip
– Obtaining Buy-in & Support
– Risk & Reward vs. Exposure & Condemnation
– Defining a Concept of Operations (ConOps)/ Risk Management Plan
– Training
Applying Risk Management to other Organizations – Chip
23. 23Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Where do you stand with the evolution of risk management?
Problem Stage
“I’m too busy to
apply a formal risk
management
practice.”
Risk identification
not seen as positive.
“What went wrong?”
Mitigation Stage
“Risk Management
is What Managers
Have to Do”
Aware of risks but
not sure how to
communicate them
“What can go wrong
and what are the
consequences?”
Prevention Stage
“Risk Management
is everybody’s
responsibility.”
Risk management is
viewed as a team
activity
Identification and
elimination of root
causes
“What caused the
risk?”
Anticipation Stage
“We can focus on
the right priorities”
Use of measures to
anticipate
predictable risks
Alternatives are
easy to compare
using a quantitative
approach
“How can we
proactively attack
risks and assess
alternatives?”
Opportunity Stage
“Where there is risk,
there is opportunity”
Risks are a chance
to do better than
planned
Risk management is
used to innovate
and shape the future
Engineering
excellence
“How can we take
advantage of risks?”
Increasing levels of knowledge, commitment, communication, efficiency, and effectiveness
enable transformation through each stage
Increasing levels of knowledge, commitment, communication, efficiency, and effectiveness
enable transformation through each stage
Source: NGA Enterprise Risk Management Training Workshop
24. 24Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Defining and utilizing the risk management process will not
succeed with just executive level support
The risk management process has to be embraced by the entire organization and
championed by Leadership
Obtain buy-in through:
– Using checklist for standardization
– Providing guidelines
– Encouraging and welcoming open communications between individuals,
departments, and organizations
– Taking Surveys
– Evaluating the upside and downside of the risk
Obtain commitment and resource from leadership. At this point, risk management
automatically becomes a management priority and leadership becomes an advocate
of risk management and supports the process
25. 25Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Changing a culture is not easy, but a little praise could not hurt
The key is to understand that 'risk' exists and it can be managed and rewarded
Training, Training, and Training instilling Risk & Reward vs. Exposure &
Condemnation
Leadership Communications
– Talking points
– Brown bags
– Define why holding risk information is not a benefit
Transition to a Risk Aware (Manage the Risk), not Risk Adverse culture
26. 26Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Defining a Risk Management Plan is a must if you want your ERM
program to succeed
Identify, Evaluate and Manage the process for risks management
Develop Comprehensive Safety/Loss Control Programs Policies and Procedures
that is tailorable to specific risk
Establish a Catastrophic Business Continuation or COOP Program
Transfer Risk Whenever Economically Feasible through Insurance, Legal Contracts,
and Avoidance
Analyze/Re-evaluate Your Risks on a reoccurring basis
Identify best practices
Benchmark and define standards/metrics
27. 27Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
NGA has implemented a very effective training program that
address risks, mitigation, and NGA’s culture
Enterprise Risk Management Training Workshop
– One day workshop held at least once a month
– Trained over 500 NGA contractors and government employees
– Teaches the risk management language at NGA, the enterprise risk process, and
allows students to practice identifying and managing risks
Executive Level Overview Training
– 2 hour overview of enterprise risk management at NGA
– Presented to senior level NGA management
– Describes the process and how management can engage
28. 28Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Agenda
Defining Risk Management – Chip
Programmatic Development – Chip
Identifying and Managing Risks – Courtney
Changing a culture – Chip
Applying Risk Management to other Organizations – Chip
– Lessons Learned
– Best Practices
29. 29Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Communicating risks can be implemented better by understanding
the Lessons Learned from previous risks
Identify
Communicate
Learn
30. 30Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Implementing best practices assists in communicating effectively
31. 31Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Plan
Standard definitions
Processes
Team training
Plan
Standard definitions
Processes
Team training
Using a Risk Management process that is consistent with existing
government and industry best practices results in easier client buy-
in, implementation and results
DAU Risk Management Community of Practice
Identify
Situation
Uncertainty
Impact
Actions
Identify
Situation
Uncertainty
Impact
Actions
Control
Mitigation
Contingency Plans
Control
Mitigation
Contingency Plans
Analyize
Probability
Impact
Outcomes
Analyize
Probability
Impact
Outcomes
Monitor
Maintain history
Monitor plans
Periodic updates
Monitor
Maintain history
Monitor plans
Periodic updates
One Firm delivering results that endure
32. 32Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
How to Learn More…
DAU
– PMCoP (https://acc.dau.mil/CommunityBrowser.aspx)
– New Risk Management Guide, Aug 2006
– Acquisition Review Quarterly, “Risk Special Edition”, Spring 2003
PMI – http://www.pmi.org/info/default.asp
– PMBOK
– Risk SIG
INOCSE – https://www.incose.org
– Risk Management Working Group
Prince2 – Projects in controlled environments
http://www.tsoshop.co.uk
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33. 33Communicating and Managing Risks within the National Geospatial-Intelligence Agency (NGA)
Closing Remarks
The Director of Central Intelligence Directive (DCID) 8/1, identifies risk management
as “Balancing the goal of greater intelligence information sharing with the need to
protect sources and methods requires IC members to apply a risk management
methodology. This policy must be implemented in ways that balance the risk of
unauthorized disclosure of sources and methods against the imperative to provide
the most useful and responsive intelligence. The information needs of the customer
must be given important weight in this risk management determination.”
Colleagues, welcome back from lunch, I am Chip Justice and my co-author & presenter is Ms Courtney Lane and today we are here to talk about Risk Management
Within this presentation, we will discuss NGA’s approach to enterprise risk management, identifying the value of risk management, and how this approach can be leveraged by you to implement at your customer locations.
How many of you think that risk management is a process that should be defined within your customer’s PMO and/or your customers project management methodology?
How many of you believe that by identifying risks your customer will be able to deliver their projects on time, within budget and the originally defined scope?
How many of you have a customer that have a defined and formal risk management process
For those of you were not able to answer yes to all three, then it’s it obvious that you need to have a defined Risk Management process and the information contained within this Deck could be used by you and your customer to build a Risk Management program
Here is a common definition of risk. This is a good start in defining Risk for your customer, however, it’s only a start. Typically people think of risk in many ways and it is important to have a formally defined definition for risk.
So let’s look at a few more examples
Some people may look to other known and well defined definitions of risk like that of the PMBOK or Websters, however, wouldn’t it be better for your organization if you had a single tailored definition for risk
For NGA we needed to have a standardized definition, so we modeled our definition to something that is similar to DAU. For you, you need to understand that a risk management process is tailorable, but it is vital that you define it so that everyone is speaking from the same frame of reference
What I would like to point out with this definition is that Risk & Opportunity has a degree of uncertainty and Issues are 100%
Also, as Courtney and I talk about risk in this briefing, we are actually talking about all three: risks, opportunities, & issues
So how do you communicate your risks and risk management process.
Hopefully you have a defined & mature communication process and it is known by all of your stakeholders
Much like Booz Allen Hamilton, NGA focuses on People, Process & Technology within their transformation initiatives
The take away from this slide is that you must know that everything within your risk management process doesn’t necessarily overlap, but they all relate and that changing one piece of technology might mean that you need to look at your defined processes and the people working those processes with the technology.
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The vision of Enterprise Risk Management is that it cannot be a stand alone process and the Risk Information contained within your customers ERM process should be integrated into all of your decision activities and processes
People might look that this picture and wonder just how does a prism define the vision for Risk Management.
ERM is like the rays from the sun, the prism is like the NGA decision activities by separating everything into the data elements, and the output of the ERM process is the filtered light that can be used by a wide spectrum of programs and processes that need this information for effective decision and planning elements
All project managers know, proper planning is the key to a successful project, so the take away from this is simple, you need to integrate your risk management program into you project planning and decision activities in order to have a successful project
Any organization that cannot properly assess risk will be unprepared and unable to react in a timely manner due to the uncertainty of a combination of tangible and intangible information involved in risk assessment.
Further, it’s difficult to show an audit trail that cannot explain how decisions about risk get made. By implementing a well-defined enterprise risk management plan, any organization will be able to ensure that they do not operate in stovepipes, but more so in an integrated manner to help reduce cost, schedule and performance impacts.
The last item identified (Instilling belief in the workforce) is a goal and has been a long time roadblock for NGA in its culture, but with the right training, communication, and define processes, this goal can become a reality.
NGA understands that they do not have all of the answers, so they looked at some of industry’s best practices to define their Enterprise Risk management solution
They did this because NGA perceives the value of Enterprise Risk Management lies in the fact that with the proper identification and reduction of risks, the Agency will be able to increase productivity and develop Enterprise strategies to manage future risks and exploit potential opportunities
Implementing an ERM solution can almost be thought of as an investment into an organizations&apos; situational awareness because it will assist you in making mid & senior level decisions, it will help in identifying an organizations’ most critical risks, and if implement correctly it will be a primary venue for communicating any known challenges.
Many risk managers have attempted to take enterprise risk management (ERM) from a slick consulting pitch to a practical management system. But while ERM has helped many organizations improve the strategic structure of their risk programs, few have fully achieved their ambitions. Therefore, you need to focus on ERM as a capital investment to your organizations situational awareness.
The challenge is not just to manage risk more efficiently, but also to affect the kind of institutional change within the organization that would outlive the current employee base
(point to slide)
So where dose your organization stand with Risk Management.
(count to 4)
These are the typical characteristics showing the evolution of risk management.
Are you on the Bottom or the Top? If you anywhere below the Opportunity stage, maybe you want to develop a plan to get there. Everyone starts at the Problem stage, and hopefully everyone wants to drive to the opportunity stage
You should always scale your ERM process to whatever competency, budgetary and other business restraints may exist. If your risk management solutions have not yet developed a mature relationship, if they don’t have a big budget with lots of resources, then scale your requests to something that is possible for you to achieve. It’s all about taking it one step at a time
Just so you have an idea of where we are, NGA is in between the problem and mitigation stage
A risk management process will not succeed if you have a culture that is anti-risk.
Risks goes against what many managers are taught. They often believe that you have to quantify everything down to the spreadsheet level, lock it all in, and then tightly control to those numbers.
This is not the case! The workforce needs to understand that if something does happen, whether they have all of the information or not, they need to react quickly with the information available and make a decision that is in the organizations’ best interest
This can only happen if it is promoted by your executive leadership.
Additionally, you need to obtain workforce and customer buy-in. It might be as simple as developing a Risk Checklist and adding the check list to your project templates.
Or you may look to standardizing the way to identify and work a risk so that every person understands that there is a defined set of guidelines in which to handle a situation
Finally, everyone needs to see that if leadership believes that Risk Management is important and that they are providing resources for the ERM solution and therefore is a priority for the organization
You can define a process to the ninth degree, you can set it in stone, however, if you do not communicated the new process effectively and you have a culture that has not bought into the ERM process, it is not going to succeed.
So here are just a few ideas on how to change the mind set of your organization and the culture within that organization.
(Point to slide)
Myself, I would make sure that you have leadership buy-in and commitment nailed down. After you do, you will need to obatin the resources necessary for management, process development, training, and communication
The final bullet should be your goal for the culture, to have a risk aware, not risk adverse culture
So now you have buy-in, you are working to change the culture, but you still have yet to define your plan.
So where do you start, here are some possible tactics:
Define what it is that you want to manage by adding a Risk category to formal status reports, status meeting agendas, and work order documents. Discuss newly found risks and identify the actions taken and update the project plan.
In some organizations you will want a safety and loss control program where you include an assessment of the likelihood of the risk occurring and the likely impact to resources in cost, time, and quality.
In every organization you need to define when is it acceptable to transfer the risk and that the transferee has accepted the risk
You also want to document each risk in management terms for purposes of analysis, education and discussion. I&apos;ve found spreadsheets to be effective in some organizations but databases in others . The key is to make sure that the risk information that you have is valid and available to all
And finally you want to Benchmark your process by doing good risk planning and keep risks out in the open and identify if you have an legal liabilities to this information.
So we have defined risk, we have defined the plan, put we need to get everyone on the same page. To do this, NGA has implemented two training programs, on for the workforce, and one for the executives. Both are utilized for the same reason, to communicate and enlighten the culture as to the value of Risk Management, and to bring everyone up to the same operating platform
Communication is a valuable risk management tool that can help build awareness, support and “buy-in” in the event of risk impacts / changes. (1 Enter) Communications almost never averts risks but it is very useful in managing expectation and can often lead to other solutions.
Additionally, though the use of effective risk communication and by (2 Enter) understanding lessons learned, we can simultaneously acknowledge the significance of differing opinions and the importance of the information itself
Some examples include
Communicating current risks, potential impacts and/or mitigating strategies (enter 3) as part of the regular stakeholder communications
Immediately notifying all stakeholders if a risk becomes an issue, including the potential impacts and actions being taken
And finally you will want to continue to update all stakeholders regularly until the risk or issue is overcome
Implementing an effective Risk communications plan is can actually quite easy, it can be as simplistic as a poster or billboard, or it can be as elaborate as a Command center that physically contacts your stakeholders, the key is to make absolutely sure that you have identified the venue and audience for each project event that requires a communication strategy
You will want to include ALL stakeholders in the communications plan
And you will want to align the communication plan with the project plan by identifying everyone’s roles and responsibilities within risk management plan
You will also want to solicit input from all of your stakeholders when developing and engaging in risk planning and mitigation activities
If you are unsure wear to start you need to look not further than PMI, the Gartner Group, ISO and ITIL processes.
Once you have the practices in place you can look to such tools as Prince 2 and OPM3 to see just how mature your processes are and if they are providing the ROI that your organization expects with your risk solution
The overall take away from this presentation is that if you plan to succeed in Project Management, you must understand that Risk and the Risk Management process needs to be an integral part of the decision making process for your customer And you must develop a risk management process that is bought into, easy to implement, and delivers results.
So when it’s your turn to implement a risk management solution, you need to look no future than the methodologies within Booz Allen and our partnering organizations such as INCOSE and PMI
If you do, I am sure that you will succeed and your customer will be able to strategically meet their goals and implement a technical solution that will help you in delivering Risk solutions that will endure.
If you need more information on Risk Management, I highly recommend that you look at these fine web site, read a couple of books or go for the synopsis and revisit our brief
This afternoon, Courtney spoke to you a little about Communicating Risks with the NGA and we hope that you have picked up on some valuable experiences that we have had while at NGA.
We along with NGA have defined Risk Management, we have discussed the programmatics of risks, we have shown you how to identify and manage your risks, we have presented the obstacles of changing the culture and we have given you the tools and content required for you to implement a Risk Management program for your customer. What you must be aware of is that this program cannot be stood up over night.
NGA has been working for the past couple of years to quantify its Risk Management program and is still learning this art of balancing the strategic goals of the Intelligence Community and learning to communicate not just risks, but communicating its issues and opportunities associated with risk identification to its internal and external stakeholders.
As NGA matures this program, the Agency will be able to deliver and meet the expectations of not only DCID 8/1, but the expectations of the Warfighter and the citizens of the United States.