Developing a Risk Management Plan-Evaluate
Topic: Developing a Risk Management Plan-Evaluate
Please start your discussion from step three in the below link. And discuss the 4 steps, copy them and discuss for example, #2. What would be the impact of risk criteria? In our office terrorist or other risks? Just an example but you write all risk possibilities
In step three, We begin to make judgments regarding whether a given risk is imminent or costly enough to warrant preemptive treatment, or a risk you’re willing to take.
A common tool used at this stage of risk management planning is a risk assessment matrix.
Techniques for Developing Your Risk Assessment Matrix
There are four steps to developing a risk assessment matrix:
1. Identify risk universe.
2. Determine risk criteria.
3. Assess the risks.
4. Prioritize the risks.
If you’ve completed steps one and two of risk management planning (Identify and Analyze), then the processes for collecting metrics to plug into your risk assessment matrix should be well underway. By the time you reach the evaluation stage of risk management planning, you and your team have already:
• Identified all potential risk events that could negatively impact the progress of your project
• Analyzed, categorized and ranked all of the items in their respective matrices
Now, you’re ready to accept whatever message your findings happen to illustrate. For this, you’ll want to develop your own risk assessment matrix (or probability/impact matrix) that encompasses both your qualitative and quantitative reasoning. This entails cross-referencing all your newfound knowledge of risk severity with respective risk probability across multiple analytical methods, to ultimately determine which risks are to be considered high, medium, and low priority.”
After this add the seven steps of (Evaluation of a Risk Management Plan) in this below link. Copy the exactly the seven steps and write your own words the description or paraphare
Please don’t use page numbers or title and no citation middle of the text. Put the chats at end of the page under the reference page.
The writer didn’t quite follow the instructions: I don’t see any of the information in the article link I provided. Also, the articles you use are very old and not current and don’t have specific steps for the Risk Evaluation topic. I request the current events.
1. See the instruction attached: Use the step3 information that I copy from the first link. 2. The second portion of the second link article, Copy the seven steps names and write the description of the steps. Please let me know if you need any more clarification on this. I try to make it clear as I could since I don’t have much time.
At an organizational level, there is a need for expansion, frequent updating, and changing of various components to improve efficiency. The future of the stability of the systems depends on the development of new security policies (REPP, 2019). The introduction of changes into the system leads to the emergence of new risks and previously mitigated issues recur to become a major concern to the management. The evaluation of the risks becomes part of the daily activities of an organization
Criteria should be developed for determining the high impact-impact risks. This will help in narrowing down to a few risks for the mitigation process instead of focusing on a larger number of risks. The process of narrowing down the risks is important in reducing the cost of the project and its timeline. The IT project team should focus on the few potential risks and develop the mitigation plan or strategy to reduce their occurrence (REPP, 2019). Evaluation entails the development and understanding of the potential risks that have high chances of occurring or may have a negative impact on the general outcome of the project.
The risk evaluation process involves the analysis of the risk based on the probability of the occurrence and severity which eventually the total risk magnitude. The process is done by evaluating the cost and possible risk that might affect the organization. Therefore, the four steps of developing a risk assessment matrix are, identify risk universe, determination of risk criteria, and assessment of the risk and prioritize the risk (Bcs, 2018).
Identify risk universe: It entails the identification of the possible risks that might impact the project negatively. The risks identified have no limits and might be several
Determine risk criteria: The process involves grouping the risks according to their potential impact on the project. Risks can be grouped in categories such as medium, high, low moderate among others.
Assess the risks: The assessment process entails checking all the risks and determine those that have a severe impact on the project as well as the cost implications.
Prioritize the risk: The risks are prioritized according to their potential impact. Risks with high probability of occurrence are given the highest priority as compared with risks that are less to occur.
The technique is developed by identifying the potential risk event that may negatively impact the project and analyze as well as rank the items in a matrix. The assessment matrix constitutes both qualitative and quantitative reasoning. It involves the identification of the risk severity and comparison with the risk probability as well as grouping the risks as high medium, low, priority.
Figure 2: Risk Assessment Matrix (Source: Bcs. (2018)
In evaluating a risk management plan, the following six steps are followed
Problem Analysis: The analysis involves checking on the events and activities in the risk management plan. It also constitutes the identification of the problems due to implementation and the impact in the whole process (MSG, 2019).
Match the outcomes of a Risk Management Plans with its Objectives: Involves checking if the results of the risk management plan are in line with the objectives defined initially. The plan should be changed if it does not produce the desired results. The organization should invest all the resources in this process for successful results.
Evaluate if all the Activities in the Plan are effective: Involves a thorough assessment of each activity in the risk management plan. By checking all the activities, one is able to identify the negative items in the implementation process.
Evaluate the Business Environment: The process is important in identifying exactly what is required in the whole evaluation stage. It involves assessing both the external and internal factors affecting the project and possible solutions.
Make Possible Changes in Faulty Activities: Changes are necessary to achieve the desired results. The process might be tedious and time-consuming but it is critical in the implementation of the risk management plan.
Review the Changed Activities: Constitutes noting down of the possible outcome from the changed activities. The process is effective in matching results with the objectives of the risk management plan.
Bcs. (2018, July 23). Your Complete Guide to Developing an Effective Risk Management Plan. Retrieved November 2, 2019, from https://www.businesscredentialingservices.com/blog/your-complete-guide-to-developing-an-effective-risk-management-plan.
MSG Management Study Guide. (2019). Retrieved November 2, 2019, from https://www.managementstudyguide.com/evaluation-of-risk-management-plan.htm.
Risk Evaluation and Planning Program (REPP). (2019). Retrieved November 2, 2019, from https://www.culturalheritage.org/resources/emergencies/risk-evaluation-and-planning-program.