Managing risk is an integral part of good management practice and an essential element of good corporate governance. It is something many managers already do in one form or another but when undertaken effectively across an organisation it enables continuous improvement in decision making and facilitates continuous improvement in performance.
Based on our experience in managing complex projects and programs, MetaPM understands and can recognise the broad range of risks that can impact a project or program. As defined in the diagram below, these risks can be categorised as follows:
Strategic Risks – Occur due to changes in strategic direction e.g. political or regulatory factors can be a source of risk to projects.
Programme Risks – Risk Mgt at program level must be designed to work across organisational boundaries and involve both internal and external stakeholders. Areas of risk to consider include:
- Clarity about the expected benefits and the buy-in from key stakeholders
- The complexity and complications associated with working across organisational-boundaries – leading a more diverse and larger stakeholder group.
- Dependencies between the projects within the program, and between the program and its broader context.
- Impact of organisational & cultural factors and the increased risk of staff turnover due to the naturally longer program life.
- The quality of the benefits-enabling outputs from the component projects.
Project Risk – Focus at project level is on outputs, which must comply with corporate or program risk management standards & procedures for managing risk.
Operational Risks – focus on transition management and the preparedness of the operational organisation to receive the product(s) arising from the program. Areas to consider:
- Business continuity
- Transfer of outputs to operations
- Acceptability within business operations
- Stakeholder support
- Rate and volume of change across corporate portfolio
- Availability of resources
- Organisational track record of managing change.
MetaPM’s Risk in Projects (RIP) services have been developed to enhance the organisation's overall risk management capability. Our RIP services include:
- Risk Identification workshop
- Risk Breakdown Structure workshop
- Risk Assessment workshop
- Risk Planning workshop
- Project Risk Review
- Development of a Risk Management Framework.
The RIP services focus on the identification of risks and the effective management of those risks, and integrating these capabilities into the client organisation. Organisations that have risk management embedded into their culture are able to manage risk effectively and efficiently and are more likely to achieve their objectives.
If you would like to have a 2 hour discussion of how our RIP service can help your organisation manage risk or if you would like to read a recent case study please contact us now.