Risk Management Pl Project Risk Essay

Risk Management Pl Project Risk Essay

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RISK MANAGEMENT PLAN: PROJECT RISK 2e
Risk Management Plan (RMP) is one of the most important instruments within Project Management, which ensures that the organization’s objectives are duly met as per the agreed timelines and quality. RMP is about identifying the risks, threats, and vulnerabilities and use the best solution to neutralize and/or avoid them. Employees in a team at an organization can be very efficient and effective in delivering product and services to the client, but if the organization fails to provide them a secure working condition, they may not be successful in delivering their products and services jeopardizing the business and brand value.
An RMP has five major steps – Plan, Identify, Assess, Respond, and Monitor.
a) Plan: This step helps in outlining the scope and boundaries of the plan.
b) Identify: An organization faces different types of risks, threats, and vulnerabilities. Those are identified in this step.
c) Assess: Identified risks, threats, and vulnerabilities need to be classified qualitatively and quantitatively. They are categorized into Critical, Major, and minor events. Further, they are assigned a Risk level.
d) Respond: The critical events impact the compliance polices and legal requirements, so they are addressed immediately. Followed by major events, which impact the stakeholders and shareholders of the organization. Last but not the least, are Minor events which are not hard pressing events and can be addressed once critical and major events are taken care off.
e) Monitor: POAM (Plan of Action and Milestones) and Responsibility and accountability tracker are a big help in this step. POAM explains when and how the solutions are to be deployed. Responsibility and Accountability tracker demar...


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A = LAN Admin Manager

e) Monitor: In every step, it is important that the activities are monitored to ensure the RMP is being implemented in the right way. During the implementation of the solutions, POAM and Responsibility and Accountability tracker would help the management get a real time data of the progress made to mitigate the risks.
Once the recommendations are implemented, managers would monitor their effectiveness and perform a second round of Risk assessment. This would allow them to analyse the real time risks, threats, and vulnerabilities against the new solutions. This Pre and Post Risk assessment would give clear cut demarcation of our progress in making our organization’s system more secure and private ensuring we are delivering high quality products and services time and again.
References
Managing Risk in Information Systems – Darril Gibson


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