Risk Workshop and Risk Register
A risk identification workshop is a highly effective methodology of ensuring that all the project team members are involved in the process of identifying factors that could derail a project (Gerrard & Thompson, 2002). It should be performed at an early stage of the project, as soon as the project leaders have attained the projects goals and scope (Amato, 2013). In addition, should only be performed as soon as the project leader can gather all the project team members in a single conference. The results attained from a risk workshop can then be employed in populating the risk registers. This essay is a risk identification workshop as well as a risk register for the project.
Risk Identification Workshop
First Risk Assessment for the Projects Two Days Risk Identification Workshop
Ratify the objectives of the project
Ascertain the parameters of the risk process for the risk identification workshop
Set up the workshop ground rules
Issue a briefing of the risk management
State the workshops expectations and results
Identify the risks likely to affect the project
(The team members should brainstorm all the possible risks likely to affect the project using a risk breakdown structure.)
(Perform an analysis of all possible constraints and assumptions possible, so as to generate further risks. Then develop a standard risk checklist that will identify any further risks.)
Justify the identified risks
Employ the risk metalanguage to describe the risks
Create a record of all the identified risks
Develop a justification for the assessment scheme to be used
Assess the risk probability as well as its impacts
Categorize the identified risks
Nominate all the risk owners
Create the first response to priority risks
Conclude the workshop
Justification of Why Each Agenda Item is Imperative for the Project
During the introduction, all the team members will be welcomed to the risk identification workshop. They will be offered a brief description of the key components of the workshop, all of which will be covered during the two-days event. The item will be followed by a ratification of the objectives of the workshop. This will serve to remind all team members on the primary goals or focus of the project. This item is important as it will ensure that the team members will only identify those risks likely to hamper the successful attainment of the projects objectives.
The ratification of objectives process will be followed by the determination of the parameters of the risk process. This will be crucial to ensure that the team members will not deviate into undertaking other functions, non-related to the process of risk identification. This will also be essential in saving time, which would otherwise be used to cover other items of the risk identification workshop. This item will be followed by the setting up of the workshop ground rules. The rules will ensure that the risk identification process runs smoothly and according to the desired plan.
The workshops leaders will then issue a briefing of the risk management. A briefing will be an important item of the workshop as it will inform the projects team members on the risk management policies put in place to mitigate the probable risks identified. This will be followed by a stating of the workshops expectations as well as results. This will ensure that all efforts in the workshops proceedings will be channeled towards attaining the desired results and expectations. This will also ensure that all the items stated in the workshop will all be covered exhaustively.
This step will be followed by the identification of all risks likely to affect the project. This item will be performed through brainstorming, by all the projects team members. The afternoon of the first day of the workshop will feature three items. The first item will be the justification of the identified risks. This will involve providing support on the reasons why the stated risks will likely derail the successful completion of the project. This process will be followed by the description of the risks using the risk metalanguage. This is because the technique enables its users to identify the causes of the stated risks as well as its effects. This will facilitate a clear definition of the recognized risks and also act as a guide for developing viable responses to the stated risks.
This item will be followed by the creation of a comprehensive record of all the risks identified during the workshop event. This will be important to ensure that all essential parts of the mentioned risks are well recorded for risk management. The recording of the risks will be followed by the development of a justification of the risk assessment scheme that will be used in the workshop. This will ensure that the selected assessment scheme will be able to analyze the probability of the occurrence of all the speculated risks in a great precision of likelihood.
The item will be followed by the assessment of the probability of all risks as well as their impacts to the whole project. This item will be immensely essential for the project as it will allow the team members to prioritize the severity of the identified risks. This will then be followed by the categorization of the identified risks, in terms of their likelihood to occur. After this step has been completed, there will be the nomination of risk owners. Since some of the risks will have multiple mitigation actions, the nominated persons will ensure that all the risk mitigation actions adopted will be executed and reviewed as per the agreed time.
The creation of the first response to the priority risks will be imperative in ensuring that no setbacks will occur at the beginning of the project. Such setbacks may be caused by the emergence of the high priority risks, which could render the starting of the project impossible. The development of the first response measures will ensure that no delays will occur with the project due to the emergence of any priority risks. This item will be followed by the conclusion of the risk identification workshop. At this point, the team leaders will conclude the event by offering a clarification on any unclear issue in all the items discussed during the workshop.
Determination of the Top 5 Threats Using a Risk Register
No. Date Description Pre-Responsibility Probability Pre-Responsibility Impact Response Post-Responsibility Probability Post-Responsibility Impact Risk Owner Action Owner Status
Cause Risk Effect Time Cost Quality Other Time Cost Quality Other 1. [Insert Date 1] Most people in Siwa are financially unstable. Financial risk It will affect the time of project completion. 0.6 It will delay the completion of the project with approximately 12 months. Over $300,000 Poor N/a Give the community members employment in the project at the minimum wage. 0.2 6 months Less than $10,000 Better N/a Team member A Team member B Risk managed
2. [Insert Date 2] Rebellion by Muslim Brotherhood influences Political risk Political instability will scare away potential investors from the project. 0.8 It will delay the project with approximately 18 months. Over $650,000 Poor N/a Establish a stable political rally to create an ideal environment for the execution of the project. 0.1 8 months Less than $5000 Better N/a Team member C Team member D Risk controlled
3. [Insert Date 3] There are heavy showers in the region. Environmental Risk Heavy showers will destroy the project quarters. 0.7 If project quarters are destroyed, it will delay the project completion date by 12 months. Approximately $45,000 Poor N/a Acquire repairing materials in case the project quarters are destroyed by heavy showers. 0.3 4 months Less than $15,000 Average N/a Team member G Team member H Risk managed
4. [Insert Date 4] Technological risks against the project due to poor technological devices. Technological risk Poor technology if used in the project will hamper the rate of successfully completing the project 0.4 If poor technology is used in executing the project, it will delay the project completion by 24 months Needs $1,336,000 to acquire new ICT equipment. High N/a The International Finance Corporation offered the $880,000 in loans and added it about $486,000 in technical support. 0.1 12 months Will be completed on time since the project received a full funding. Good N/a Team member E Team member F Risk averted
5. [Insert Date 5] Conflict of modernity and local traditions. Will create a problem in the smooth running of the project. Development risk Challenge of balancing the local traditions and modernity. 0.3 If the conflict between the local traditions and modernity continues, the project will be delayed by 10 months. Educating the concerned public about the conflict will require $100,000. High N/a Educate the team members about the conflict will aid in mitigating this challenge. 0.1 Less than 3 months Less than $10,000 Average N/a Team member G Team member H Risk not yet managed
Discussion of the Top 5 Threats On the Risk Register
The 5 top primary risks identified in this project include the financial, political, environmental, technological and development risks. Under the financial or economical risk, the community members living near the Siwa Corporation are largely poor. This means that their living standards is very low, which mandates the corporation to undertake its corporate social responsibility more aggressively, than other rival corporations matching its operating capacity. For this reason, the corporation will spend a substantial sum of financial resources trying to uplift to help out the community members instead of committing fully, to the execution of the project. For instance, the corporation will offer job opportunities to numerous members of the surrounding community.
The political risk is also a substantial risk identified, which is likely to affect the successful completion of the project. It has been ascertained that the rebellion by the Muslim Brotherhood in the region is likely to affect the scheduled completion period of the project. This is because of the fact some of the team members involved in the project will be absent during the brotherhood demonstrations. This is on the basis of fear for their lives. As such, the project might lag in its execution during such days. The third fundamental risk identified to be a threat to the completion of the project is the environment risk.
According to the weather forecast reports, it is expected to rain heavily in the next three months in the region. The heavy showers will be accompanied by strong winds, which will pose an immense danger to the plant where the project will be undertaken. Minor repairs are expected during this period and as such, they will delay the completion of the project. The fourth risk identified as a threat to the success of the project is the technological risk. This will encompass all the IT equipment necessary for the successful commencement of the project. If not well managed, it will immensely compromise the execution of the project.
Nevertheless, this has risk has been abundantly controlled because the International Finance Corporation offered $880,000 in loans and $486,000 in technical support, for the project. These funds will be sufficient to acquire all the IT equipment necessary for the project. The final risk expected to affect the success of the project will be the development risk. This will be expected to emerge due to the conflict of modernity and local traditions. This conflict will be triggered by the continued change of the culture of the Siwan people each day. The continued ch...
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