Risk Assessment
Essay title: Risk Assessment
Risk Pre-Read Document
Program management has requested a forum be established to assess the programs risk. In response to this request the Risk/Opportunity Management Board (ROMB) has been created. The membership will include the following: Program Manager, Chief Engineer, Integrated Product Team (IPT) leads, Security, Configuration/Data Management Lead, and the Quality Engineer. However, every member of the team is empowered and encouraged to bring forward risks or opportunities to the forum for assessment.
Roles and responsibilities include of the forum include: acting as the central focal point for the risk/opportunity management process, ensuring a proactive risk/opportunity management process is implemented across the Team; and ensuring the risk/opportunity management efforts of the IPTs are integrated.
Management of the group is at the discretion of the program manager; however, the following will apply. The group will meet weekly to identify new risk, and status current risks. The risk manager as appointed by the PM is responsible for ensuring the forum meets on a regular basis and for the execution, and monitoring of the progress of each risk that is identified. Additionally, the lead for each risk is responsible for analyzing, assessing, quantifying, and recommending to the board a mitigation plan.
The technique that will be used is semi-qualitative in nature and gives criteria for determining consequences, and likelihood, so priorities can be assigned. Information that will be used is historical trending data, past metrics, theoretical analysis, and certain elements of old fashion intuition and senior level employee experience.
We will start by determining what the risks to the program are and quantifying them using the consequences/probability scale.
MEETING PREP ON NEXT PAGE
The list of risks has been compiled using a semi-quantitative method in preparation for the meeting. For our purposes we will define the risks using a typical numerical value system (Table 1) for both probability and impact.
Table 1
Using