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ype: Individual ProjectUnit: Identifying & Analyzing Project RisksDue Date: Mon, 11/28/16Grading Type: NumericPoints Possible: 100Deliverable Length: 750 – 1,000 words of new contentAssignment:For this assignment, you will use what you identified as your approach in this week’s Discussion Board to identify and assess all of the risks that are associated with your project. You should identify a minimum of 8 risks then assess them by employing the techniques that you selected in the Discussion Board assignment.For the compilation of your risk assessment component, you may use a table similar to the following:Note: This is just a sample, and you may choose to represent it in a different format as long as you have all of the pertinent risk-related information, including the following:Risk nameRisk descriptionLikelihood (using a scale)Impact (use both as a scale and description)Leave room to append more information later to show your mitigation strategy.The following is an example of ranking the risks using a 2×2 risk matrix approach:In this sample 2×2 ranking matrix, the risks that should receive the highest priority are the risks that are in quadrant 1, and the risks that will receive the least attention are in quadrant 4.Deliverables:The overall project deliverables are the following:Update the Key Assignment Document title page with a new date and project name.Update previously completed sections based on instructor feedback.Complete the New Content below, and copy it under the sections in Key Assignment Document called “Project Risks Identification” and “Project Risks Assessment”:New ContentProject Risks IdentificationUse the project risk categories that you brainstormed during the previous week to categorize the risks that you have determined for this assignment.Show a list of stakeholders and project teams that you utilized to identify risks.Thoroughly describe each project risk (at least 8), which includes the source for identifying the risk.Identify and show the specific technique that you used to identify the risks, such as cause and effect, a fishbone diagram, a SWOT analysis, interview notes, and an assumption list.Project Risks AssessmentCreate a table similar to the sample above, or use another method to list the risk, the likelihood of occurrence, and the overall severity of impact if it occurs.Fill in the table with the information from the project identification utilizing the 2 scales that you determined as a part of your Discussion Board assignment. Be sure to consider both the cost and schedule impact as you determine the overall impact.Rank your risks based on both the likelihood and impact using a technique, such as 2×2 matrix as shown in the assignment description section.Be sure to update your table of contents before submission.Name the document “yourname_MPM344_IP2.doc.”
phillip_isiah_houston_sr__mpm344_ip1.docx

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Information Technology Architectures (IT401-1605A-04)
Risk Management for Vectra Bank online banking system
Project Risk Management (MPM344 – 1604B – 02)
Introduction to Project Risk Management
Unit 1 Individual Project
Phillip Isiah Houston Sr.
Instructor Michael Hitson
Due Date 21 November 2016
Colorado Technical University
Table of Contents
1. Proposal for Enterprise Risk Management Services for Vectra Bank online banking system. ….. Error!
Bookmark not defined.
2.
Background ……………………………………………………………………………….. Error! Bookmark not defined.
3.
Basis of the proposal …………………………………………………………………… Error! Bookmark not defined.
4.
Risk Management Strategy ………………………………………………………….. Error! Bookmark not defined.
i.
Planning risk management ………………………………………………………. Error! Bookmark not defined.
ii.
Raising risk management awareness …………………………………………. Error! Bookmark not defined.
iii.
Risk identification……………………………………………………………………. Error! Bookmark not defined.
iv.
Risk mitigation………………………………………………………………………… Error! Bookmark not defined.
v.
Consolidation and Reporting of risks …………………………………………. Error! Bookmark not defined.
Proposal for Enterprise Risk Management Services for Vectra Bank online banking
system.
The main objective of this proposal is to provide Vectra bank management with a framework
that ensures that levels of uncertainty and risk are properly managed. A risk management can be
termed as an ongoing process throughout the life of the project while risk register is referred to
as a snap shot of a relevant risk the instance of that risk.
In order to attain the objectives of this project, the following will be defined:
i.
Project process that will be adopted by this project in order to identify,
analyze and evaluate any risk during the project remainder.
ii.
How to develop and deploy risk management strategies that will reduce
the likelihood and impact of risks.
iii.
Frequency of assessing risks, the process for reviewing and who will be
responsible for the review.
iv.
Risk management roles and responsibility plan.
v.
How the risk status and changes on the rink status will be reported within
the project committee;
vi.
Complete risk register that has all possible risks for the project, their
current status and how to reduce their seriousness and likelihood through
risk mitigation strategies.
Background
Effective organizations are differentiated from the others by their ability to manage significant
risks effectively. It is hence vital for every organization to demonstrate efficiently how its
resources should be managed.
It has been approved that stakeholders gain more confidence when an organization establishes
and maintains a risk management process. To enhance the process, it is necessary to identify and
record common and possible risks that are likely to cause an impact to the organization, then
assess how they will be managed in case they occur, and finally identity the opportunities and
exposures and develop clear action plan indicating how the exposures should be addressed and
how the opportunities should be exploited.
in order for any organization to succeed, it must recognize that risk represents an opportunity in
disguise and not something that it can avoid.
Basis of the proposal
Vectra banks has decided to implement and maintain a systematic framework and process that
effectively manages all the risks identified in the organization. This is supported by the risk
management policy have been developed by the organization. The intended approach will follow
the best approach to establish the risk management group. The approach will involve a series of
training for the directors, key managers, service heads, and other experienced member using a
highly effective method of training. This proposal wishes to follow the believes of two
experienced consultants who have worked with more than five organizations during the last three
years and have facilitated risk management programs. Therefore, I have decided to base this
project on their successful approach and other clients.
This project will be launched with a thought provoking memo that will be signed by the chief
executive. This will be in draft format and outline the process and all the positive benefits
implementing the framework. It will be a way of ensuring a ‘top down’ approach and also
demonstrating the chief executive’s commitment to the process.
Positively engaged key personnel will also be introduced in the risk management process which
will show that this is not just an initiative but if adopted enthusiastically, it will be a success
driver, agent to positive change and a route to reduction of bureaucracy. That will be the main
reason for recommending two half-day workshops for each of the group outlined below.
Group 1: The Audit Committee Board members + other senior management.
Group 2: The Corporate management team + other key managers.
With respect to the recommended stages, a summary report will be produced by collating all the
output from the workshops. A schedule for residual risks, common risks, and key exposures will
also be prepared. This schedule will also be provided to enable the embedment of risk
management into core activities such as corporate planning, performance management and
procurement.
When establishing a business continuity plan, practical output will also be provided in parallel
with the process.
1. Planning risk management
? Finalizing the assignment briefly with the Vectra bank.
? Self-consultation and timetable preparation.
? Risk Management Policy evaluation and update as per the best practice.
? Advice on how to establish the Risk Management Group.
? Developing thought provokers and diagnostic queries in order to encourage participants
to consider possible risks prior to the workshops.
? Establishing specific dates for the milestones.
? Determining the reporting mechanisms, financial criteria, and risk categories for the risk
matrix.
2.
Raising risk management awareness
Requires 2 half day of training session and 2 consultancy day (0.5-day preparation and 1.5-day
delivery and review).
? Context setting for Risk Management.
? Imagining the newspaper headlines – specifically related to Vectra Bank.
? Development of fire service and resultant challenges.
? Key requirements and critical dates for these requirements.
? Synonymous.
? Defining and outlining standards with ISO31000 standards included.
? Explaining the Risk workshop process.
? Identification of risks.
? Measurement of Risk.
? Inherent and Residual risk.
3.
Risk identification
The groups responsible for risk identification are:
Group 1: The Audit Committee Board members + other senior management.
Group 2: The Corporate management team + other key managers.
Requires 1 half day workshops and 2 consultancy day (0.25-day preparation and 1-day workshop
and 0.75 day to review the output)
2 half day workshops
To make this more cost effective, I will write up and issue the output on behalf of the
consultancy. Under Risk identification, the model for risk identification will be identified and
established. A matrix guide that will assist in assessing potential of impact and materiality of
likelihood will also be produced. All these will be tailored to given limits of the organization.
Outline for risk identification:
? Brief recap of workshop objectives, approach, and deliverables
? Discussion and agreements on the organization’s objectives.
? Ordering and Recording the Risks on the Risk Matrix.
? Prioritization of risks.
? Explanation of the output.
? Discussion of next steps i.e. risk mitigation.
? Mitigation information for the workshop.
The first workshops will issue the risks and encourage the attendees to research on how
to mitigate the identified risks.
4.
Risk mitigation.
Takes 1 weeks or more after the first workshops.
3 half day risk identification sessions with the same attendees.
3 Consultancy days (1day preparation, 1 half day workshops and 0.5day risk register review
before issue).
In this section, I will also write the output and issues to make it more cost effective.
Risk Mitigation Workshops Outline:
? Brief review of the first workshop output – first columns in the risk register
? Explanation of expected output after mitigation.
? Mitigation Recording and re-evaluation as residual risks.
? Comparison of Inherent and residual risks.
? Assessment of opportunities and exposures.
? Finalizing the Risk Register.
5.
Consolidation and Reporting of risks
Requires 2 consultancy days.
Consolidation and Reporting Workshops Outline:
? Comparison and analysis from the workshops output.
? Key risk matrix preparation.
? Output presentation and discussion.
? Success measures preparation and evaluation of its benefits.
? Development of risk approach based on decisions made from risk register.
? Determination of tracking process for the risks.

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