Risk Management Assignment On The Projects Evolution Strategies To Mitigate Operational Risk
Question
Task: How to enhance project performance by using risk management assignment strategies to evaluate and develop mitigation plans?
Answer
Planning:
2.3.1. Developing and submitting a risk management plan and risk management plan for the project:
The Risk management assignmentplan which could be framed for the following project of RIN process is as follows:
|
Risk ID: |
Risks |
Outcomes of risks |
Existing risk treatment |
Rating |
Proposed Risk treatment |
Person responsible |
|
R1 |
Exceeding the timeline of the Risk management assignmentproject |
If the timeline of the project which is 6 months is exceeded therefore, they are late in the delivery of the project and also it will cause delay in the uploading of the information and data on the Rosetta website and also the part of the RIN on the Australian AER. |
At present there are no such risk treatment being taken into consideration for the following. Moreover, there are no plans regarding the ways to mitigate the following issue when it occurs. |
5 |
The method which could be used for the mitigation of the following is to prepare a plan which will be using the agile methodology for the following project in place. |
The person who is responsible for the following is the general manager as they are handling the project more efficiently and effectively. |
|
R2 |
Exceeding the budget of the project which is finalized by the project manager |
There is certain budget which is set for the following project. Therefore, if the budget of the following project is exceedingly therefore, it would be hampering in completion of the project. Moreover, it would be difficult in handling the resources which are important for the overall project process to take place. |
Again, there are no such Risk management assignmentplans which have been taken into consideration for the lack of budget or exceeding the budget in the following project. |
5 |
The risk treatment which could be proposed for the following project is that they need to anticipate the changes in the project in the future and also forecast their expenditure according to that. |
Responsible manager is the person responsible for handling the risks. |
|
R3 |
Inappropriate use of information in the report |
The information which would be used in the project would be uploaded on the website portal of Rosetta. Moreover, as a part of the RIN they are also uploaded in the Australian government AER for the following project. Therefore, any issue with the inappropriate information could be hampering both the company and the client. |
Staffs who are handling the project are taking care of the information which are uploaded, and they are the one who is taking care of what information are put in place in the following and the documents which are being uploaded. |
4 |
Therefore, to overcome the issue the responsibility should be assigned to someone who is more responsible and also who are experienced professional. Moreover, they are well aware about the critical information which are important, and they are needed for the report. |
Document controller |
|
R4 |
Inappropriate attendance of the individuals professional due to the pandemic |
Since it is the time of pandemic most of the people are working from home and also there are times when they are not able to provide their complete attendance. Therefore, because of the following it can hamper the completion of the project which is important aspect for the following as they are associated with the Australian government. |
Maintaining the proper health guidelines and also the health and safety acts which are associated with the project. |
5 |
The Risk management assignmenttreatment method which could be used for the following is to generate a proper health guidelines and policy for the organization. Moreover, as per the Australian government guidelines bring in less people onsite so that they are able to work and also the project is completed on time. |
General Manager |
|
R5 |
Lack of proper internet connection |
This is one of the major issues most of the companies and organization are facing. Because of the following the work or the task at hand with the organization would be delayed. Moreover, they would be facing issues regarding the uploading of the document. |
At present there are no methods which are present within the organization which will help in getting the issues fixed. |
4 |
Therefore, to have the issue mitigated the organization should have the infrastructure which will be able to handle the execution of the Risk management assignmentproject. Moreover, it will also be able to mitigate the issue of project delay. |
Responsible person |
|
R6 |
Natural calamity |
It is something which cannot be estimated or evaluated beforehand. The following could hamper the functioning of the project and cause delay in the project. |
For the following project there are no such systems which have been created which can help in preventing in the issue of natural calamity. |
3 |
One of the methods which could be used for the mitigation of the following issue is to have the contingency plan for their project. This could also be done by taking a buffer time in hand in every project. |
Responsible manager |
|
R7 |
Inappropriate communication with the stakeholders |
Communication with the stakeholder is of utmost importance. Therefore, because of the following they would be able to properly communicate with the stakeholders of the organization. Therefore, if stakeholder communication is hampered therefor, it can hamper the overall completion of the project. |
At present to cope up with the situation communication which is taken into consideration is done by most of the stakeholders of the company and they are done with the help of sending emails and conferences and meetings. |
3 |
Proper organization of the meetings regularly with the stakeholders of the company. Moreover, doing this would be providing equal opportunity to the stakeholders of the organization to bring in their views and highlight any issues which might be associated with the Risk management assignmentproject. |
General manager |
|
R8 |
Legal complications which are because of the inappropriate structuring of the team for the project. |
Since the following project is related to the Australian government and also there are major companies associated with the project. Therefore, because of the following if there are any legal issues which are originating in the project it can greatly hamper the reputation of the company. Moreover, it will also hamper the company growth in the long run. |
In terms of the legal complications there are no such steps taken which have been showcased in the project. In other words they are not considered properly for the project. |
3 |
Since it is a major issue therefore, a step which they can take into consideration is that, taking all the checklist of legal issues associated and based on that take advice from the consultant to avoid any kind of complication or complicated situations. |
General manager |
Risk matrix:
2.3.2. Explaining the process and tools used for creating the risk management plan.
There are various tools which could be used for developing and submitting the Risk management assignment plan for the project is:
1. Brainstorming.
2. Swot analysis.
3. Root cause analysis, and
4. Probability and Impact matrix.
There are various methods which could be used based on which the stakeholders could be involved in the management of the project, and they are understanding the interest of the stakeholders and bringing the level of involvement of the stakeholders within the project, and this could be done using the following.
• Gathering input
• Proper decision and their involvement in the decision and announcing them.
• Taking consensus decision of each of the members with the level of support and implementation (Gius et al., 2018).
There are methods which could also be used for getting the approval of the need to sign off on the Risk management assignmentplan and they are as follows:
o Starting early is something which will be saving time and also prevent the changes which could be minimizing the opposition and therefore, convince the stakeholders.
o Other than that, providing a detailed timeline which will help in the establishment of the milestones and clear understanding.
2.3.3. Explaining the consideration of governance that is impacting and influencing the development of the risk management plan:
When it comes to the corporate governance, they are the standards which are placing a major emphasis on the identification of the risks within the project. Therefore, with the help of the governance in the following project of RIN process proper attention should be put in both the financial and the non-financial risks associated with the project.
2.3.4. How the Risk management assignment has been analyzed:
There are various methods which are used for the analysis of the risks in the project, and they are as follows:
• Identification of the risks.
• Defining the level of uncertainty.
• Estimating the impact of the uncertainty
• Completing the risk analysis model.
• Analyzing the Risk management assignmentresults and
• Finally implementing the solution (Hubbard 2020).
2.3.5. Potential impacts of the risk on the project and the risk management plan:
The impact of the risks is the overall estimate of the losses which are associated with the risks which have been identified. They also help making the overall planning of the management of the risks more effective.
2.3.6. Risk treatments which need to be taken into consideration:
Some of the Risk management assignmenttreatment which could be taken into consideration is:
• Avoidance
• Reduction
• Transfer
• Acceptance, and
• Sharing
2.3.7. Analysis of the risk and the updated risk register containing the risks:
Therefore, the following is the analysis of the risks which have been identified and based on that the updated risk register and they are as follows:
|
Risk ID: |
Risks |
Outcomes of risks |
Existing risk treatment |
Rating |
Proposed Risk treatment |
Person responsible |
|
R1 |
Exceeding the timeline of the Risk management assignmentproject |
If the timeline of the project which is 6 months is exceeded therefore, they are late in the delivery of the project and also it will cause delay in the uploading of the information and data on the Rosetta website and also the part of the RIN on the Australian AER. |
At present there are no such risk treatment being taken into consideration for the following. Moreover, there are no plans regarding the ways to mitigate the following issue when it occurs. |
5 |
The method which could be used for the mitigation of the following is to prepare a plan which will be using the agile methodology for the following project in place. |
The person who is responsible for the following is the general manager as they are handling the project more efficiently and effectively. |
|
R2 |
Exceeding the budget of the project which is finalized by the project manager |
There is certain budget which is set for the following project. Therefore, if the budget of the following project is exceedingly therefore, it would be hampering in completion of the project. Moreover, it would be difficult in handling the resources which are important for the overall project process to take place. |
Again, there are no such Risk management assignmentplans which have been taken into consideration for the lack of budget or exceeding the budget in the following project. |
5 |
The risk treatment which could be proposed for the following project is that they need to anticipate the changes in the project in the future and also forecast their expenditure according to that. |
Responsible manager is the person responsible for handling the risks. |
|
R3 |
Inappropriate use of information in the report |
The information which would be used in the project would be uploaded on the website portal of Rosetta. Moreover, as a part of the RIN they are also uploaded in the Australian government AER for the following project. Therefore, any issue with the inappropriate information could be hampering both the company and the client. |
Staffs who are handling the project are taking care of the information which are uploaded, and they are the one who is taking care of what information are put in place in the following and the documents which are being uploaded. |
4 |
Therefore, to overcome the issue the responsibility should be assigned to someone who is more responsible and also who are experienced professional. Moreover, they are well aware about the critical information which are important, and they are needed for the report. |
Document controller |
|
R4 |
Inappropriate attendance of the individuals professional due to the pandemic |
Since it is the time of pandemic most of the people are working from home and also there are times when they are not able to provide their complete attendance. Therefore, because of the following it can hamper the completion of the project which is important aspect for the following as they are associated with the Australian government. |
Maintaining the proper health guidelines and also the health and safety acts which are associated with the project. |
5 |
The Risk management assignmenttreatment method which could be used for the following is to generate a proper health guidelines and policy for the organization. Moreover, as per the Australian government guidelines bring in less people onsite so that they are able to work and also the project is completed on time. |
General Manager |
|
R5 |
Lack of proper internet connection |
This is one of the major issues most of the companies and organization are facing. Because of the following the work or the task at hand with the organization would be delayed. Moreover, they would be facing issues regarding the uploading of the document. |
At present there are no methods which are present within the organization which will help in getting the issues fixed. |
4 |
Therefore, to have the issue mitigated the organization should have the infrastructure which will be able to handle the execution of the Risk management assignmentproject. Moreover, it will also be able to mitigate the issue of project delay. |
Responsible person |
|
R6 |
Natural calamity |
It is something which cannot be estimated or evaluated beforehand. The following could hamper the functioning of the project and cause delay in the project. |
For the following project there are no such systems which have been created which can help in preventing in the issue of natural calamity. |
3 |
One of the methods which could be used for the mitigation of the following issue is to have the contingency plan for their project. This could also be done by taking a buffer time in hand in every project. |
Responsible manager |
|
R7 |
Inappropriate communication with the stakeholders |
Communication with the stakeholder is of utmost importance. Therefore, because of the following they would be able to properly communicate with the stakeholders of the organization. Therefore, if stakeholder communication is hampered therefor, it can hamper the overall completion of the project. |
At present to cope up with the situation communication which is taken into consideration is done by most of the stakeholders of the company and they are done with the help of sending emails and conferences and meetings. |
3 |
Proper organization of the meetings regularly with the stakeholders of the company. Moreover, doing this would be providing equal opportunity to the stakeholders of the organization to bring in their views and highlight any issues which might be associated with the Risk management assignmentproject. |
General manager |
|
R8 |
Legal complications which are because of the inappropriate structuring of the team for the project. |
Since the following project is related to the Australian government and also there are major companies associated with the project. Therefore, because of the following if there are any legal issues which are originating in the project it can greatly hamper the reputation of the company. Moreover, it will also hamper the company growth in the long run. |
In terms of the legal complications there are no such steps taken which have been showcased in the project. In other words they are not considered properly for the project. |
3 |
Since it is a major issue therefore, a step which they can take into consideration is that, taking all the checklist of legal issues associated and based on that take advice from the consultant to avoid any kind of complication or complicated situations. |
General manager |
Risk management assignmentRegister:
References:
Gius, D., Mieszala, J., Panayiotou, E. and Poppensieker, T., 2018. Value and resilience through better risk management.Risk management assignment. Vol. 6. McKinsey on Risk, pp.1-10. https://www.mckinsey.de/~/media/McKinsey/Business%20Functions/Risk/Our%20Insights/Value%
20and%20resilience%20through%20better%20risk%20management/Value-and-resilience-through-better-risk-management-final.pdf
Hubbard, D.W., 2020. The failure of risk management: Why it's broken and how to fix it. John Wiley & Sons.Risk management assignment. https://www.gestanet.be/sites/default/files/webform/pdf-the-failure-of-risk-management-why-its-broken-and-how-to-fix-it-douglas-w-hubbard-pdf-download-free-book-609fa5d.pdf
