...When you’re planning your project, risks are still uncertain: they haven’t happened yet. But eventually, some of the risks that you plan for do happen. And that’s when you have to deal with them. There are four basic ways to handle a risk: Avoid The best thing that you can do with a risk is avoid it if you can prevent it from happening, it definitely won’t hurt your project. For example, your company has found a new building for a great price but it is in a high crime area, in this case it would be best to avoid the purchase. Mitigate If you can’t avoid the risk, you can mitigate it. This means taking some sort of action that will cause it to do as little Damage to your project as possible. Unfortunately you have to venture out in the rain which may cause you to sleep and fall. How you can mitigate having an accident would be to wear slip resistant shoes and carry an umbrella. Transfer One effective way to deal with a risk is to pay someone else to accept it for you. The most common way to do this is to buy insurance. Nobody can predict when a car accident will happen, that is why you purchase car insurance like All State or Geico. Accept When you can’t avoid, mitigate, or transfer a risk, then you have to accept it. But even when you accept risk, at least you’ve looked at the alternatives and you know what will happen if it occurs. We all know that in the event of a hurricane, in most cases there is very little you can do to mitigate the damage, so you would...
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Risk Management
Plan
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...1 Introduction Risk is an expression that is pointing out a possible future outcome, where this outcome might be positive or negative arising from an action. While risks can affect almost all aspects of our life, studies back to the end of World War II only started to take place establishing the basis of how risks might be controlled and managed (Dionne, 2013), even in the context of financial institutions, risk analysis was not well considered until very recently (SCHROECK, 2002). Since the negative outcomes of an action are undesired and to some extent, catastrophic, risk management is getting greater attention overtime and becoming an integral part of managing businesses and projects or even personal events. Risk management, in my opinion, is described as the process of defining, assessing, prioritizing, and then developing and implementing plans for either minimizing the impact of the future outcome in case of negative risk or maximizing the impact of the future outcome in case of positive risk. Another definition dealing with the project’s risks, as per the Project Management Institute is that “Project Risk Management includes the process of conduction risk management planning, identification, analysis, response planning, and monitoring and control of a project.” (PMI, 2008, p. 273) Moreover, leveraging the possibility and effect of positive risks and reducing the possibility and impact of negative risks are indeed the objectives of project risk management (PMI, 2008)...
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...Analyzing Risk November 11, 2013 Analyzing Risk This document will cover the definition and description of risk management. Topics covered include the philosophy, methodology, and the purpose of analyzing risk as well as development of a risk management plan and a procurement management plan. Identifying risk is the process of determining which risks may affect the progress of the project. The project stakeholders are usually included in the risk identification process. These stakeholders include the project manager, risk management experts, the project team members, and end users. Identifying risk is an iterative process because new risks can develop in a short period and should be integrated into the risk management plan. The process of risk planning involves following a series of steps that can be continually repeated in sequence throughout the life of a project. The first step in the process is risk planning. Risk Planning Risk planning begins with getting solid backing from the project stakeholders for the risk management approach (Marchewka, 2009). Support from the stakeholders will ensure that the resources required for a successful risk assessment are available to the project team. The second part of risk planning is to be prepared for the risks that are identified. The team must plan for the potential resources and tools required to perform proper project risk management. After the stakeholders have committed to the risk management approach, it is...
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...for disaster preparation and response. In total, the original chapter comprises Chapters 1, 14, 16-18. Chapter Overview Many of you are reading this manual as part of your efforts to prepare as a spiritual care professional who will be ready to respond during times of disaster. Your main role will be to provide emotional and spiritual support to those affected by disaster, but it is also critical for you to understand the context in which you will be providing this support—the bigger picture, so to speak. Disaster relief operations are complex systems having more to them than just a response mechanism. They require a significant amount of pre-planning. Disaster experts have long known that waiting until a disaster strikes to test a community’s response procedures can be disastrous. How communities respond to disaster can even induce more stress on individuals and place them at risk for developing a variety of adverse reactions and psychological consequences. This section takes the first step towards introducing you to the key elements of disaster management and response at multiple levels. The focus of this chapter is on the framework of disaster planning, preparedness, and response. In the event of a disaster in your community, you may be asked and/or may want to help. It will help you to have an understanding of the structure of the overall response so that you know how your efforts will enhance the overall operation that makes disaster response possible. Disaster Management...
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...Little booklet of Risk Management Terminologies Babou Srinivasan, PMP Little booklet of Risk Management Terminologies I dedicate this booklet to all Risk Management Gurus & Project Managers who takes risk management a serious stream in managing their projects 2 Little booklet of Risk Management Terminologies Contents Project Risk.................................................................................................................................................... 5 Risk Management Processes......................................................................................................................... 6 Known Risks - Unknown Risks ....................................................................................................................... 8 Risk Category............................................................................................................................................... 10 SWOT Analysis............................................................................................................................................. 12 Risk Response Planning Strategies.............................................................................................................. 14 Contingency Plan & Fallback Plan ............................................................................................................... 16 Residual Risk ..........................................................................
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...Disaster Planning Guideline June 2007 Version 1.1 Table of Contents Acknowledgments 5 Foreword 5 Introduction 6 Background 6 Scope of this guideline 6 Related Documents 6 Reference to the Adequate Records Management Standard 7 Variation to this guideline 7 Records and Disasters 7 Disasters affecting records 8 Disasters affecting Australian organisations 8 Counter disaster management for records 9 Disaster review of your agency 10 Risk Assessment 10 Establish the context 11 Identify the risks 11 Critical needs determination 13 Analyse the risks 14 Assess the risks 15 Treat the risks 15 Monitor and review 16 Planning 16 Project Planning 17 Project team responsibilities 18 Content of the plan 18 How to prepare the response and recovery plan 19 Components of the response and recovery plan 20 Lists and supplies 22 Insurance and emergency funding arrangements 23 On-site equipment 23 Implementing the plan 24 Maintaining the plan 24 Distribution issues 25 Plan maintenance responsibilities 25 Training and testing 25 Post disaster analysis 27 Vital Records Protection 28 Identifying vital records 29 Protecting vital records 31 Preventative measures 31 Recovery and restoration 33 Critical data protection 34 Response 35 ...
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...P6- Explain the main considerations when planning and preparing for major incidents M4- Explain the role of the organisations involved in planning for major incidents The purpose of emergency planning is to provide an integrated response to major incidents with a view to bringing about a successful end to an incident. Planning and preparation for emergencies and possible major incidents forms a large part of the work of the emergency services and other public services. Emergency plans are drawn up so that, in the event of a major incident, the public services can respond efficiently because they are prepared for it. In this assignment I will be explaining the main considerations when planning and preparing for major incidents and also the role of the organisations involved in planning for major incidents. When planning for an emergency personnel should; * Know their roles- This means that the person knows what they are required to do * Be competent to carry out the task- This means they are able to carry out their job efficiently and with little guidance. * Have access to resources- They have all the equipment they need to be able to do their job. * Have confidence in other responders- This means that everyone in the team has confidence that everyone in the team is competent at their role. When emergency planning is undertaken by category 1 responders, a great deal of thought is given to identifying possible risks. A risk is a hazard or threat that could cause serious...
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...large multinational and small to medium, should take the threats and risks they could face seriously. Security Risk Management (SRM), Business Continuity Management (BCM) and Emergency Planning (EP) assist in achieving this by putting in place effective risk identification and management measures. Effective management of risk can make the difference between success or failure of business operations during and after difficult events. Threats can include man made threats, such as terrorist attacks, or naturally occurring threats such as earthquakes. Effective risk identification and management is essential to any business, especially with the current uncertainty in the world’s economic climate. In order for businesses to survive, during times of increased strain on business operations, it is essential that an alignment between security and business operations can be achieved. This can be achieved by the security department not only widening the remit to cover more risks, but changing how the department works and relates to the rest of the business; including shared responsibility for things such as Corporate Governance, Information Assurance, Business Continuity, Reputation Management and Crisis Management. The problem is security departments now have more responsibilities in an increasingly complex and fast moving world. Security Risk management is no longer an activity just for companies who work in high-risk areas or with exposure to significant security threats. Therefore,...
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...1 Session 4 Audit Planning; Materiality and the audit risk model Auditing: Principles and Methods 2 After studying this session you should be able to: 1. Discuss why adequate audit planning is essential 2. Make client acceptance decisions and perform initial audit planning 3. Gain an understanding of the client’s business and industry 4. Assess client business risk 5. Perform preliminary analytical procedures 6. Apply the concept of materiality to the audit 7. Define risk in auditing and the audit risk model Auditing: Principles and Methods 3 8. Consider the impact of engagement risk on acceptable audit risk 9. Discuss the relationship of risks to audit evidence 10. Answer the Review Questions Auditing: Principles and Methods 1. Audit Planning 4 Why is adequate audit planning essential? “The auditor must adequately plan the work and must properly supervise any assistants”. There are three main reasons why the auditor should properly plan engagements: to enable himself to obtain sufficient appropriate evidence, to keep audit cost reasonable and to avoid misunderstanding with the client. Auditing: Principles and Methods 1. Audit Planning 5 An important part of audit planning is assessing acceptable audit risk and inherent risk because it helps determine the amount of evidence that will need to be accumulated and staff assigned to the engagement. Acceptable audit risk is a measure of how willing the auditor is to accept that the FSs...
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...Emergency Preparedness Planning Guidelines Version 3, October 2006 Table of Content Foreword 4 Part 1 - Introduction to Emergency Preparedness Planning 5 CARE Approach to Emergency Preparedness 5 Measurement of Preparedness 6 Emergency Preparedness and Contingency Planning 6 Emergency Preparedness Planning Steps 8 Writing and Distributing the Plan 8 Monitoring and Updating the Plan 8 Part II – The Written Plan 10 Executive Summary 10 1. Formation of Emergency Response Team 10 2. Information Collection 11 3. Country Office Capacity Inventory 12 3.1. Country Office Organization Chart 13 3.2. Country Office Human Resources 13 3.3. Country Office Physical Resources 13 3.4. Country Office Key Staff Contact Information 13 3.5. RMU, CARE Lead Member, and CARE International Key Contacts 13 3.6. In Country Coordination Mechanisms and Contacts 13 4. Risk Analysis 13 5. Scenario Development 15 5.1. Scenario 1 16 5.1.1. Scenario Description 16 5.1.2. Impact Analysis 16 5.1.3. Identification of Risk Reduction Measures 17 5.1.4. CARE Prevention and Mitigation Measures 19 5.1.5. CARE Response Strategy 19 5.1.5.1. Criteria for Engagement 20 5.1.5.2. Partnership Analysis 20 5.1.5.3. Geographical Focus 21 5.1.5.4. Objectives of CARE Interventions 21 5.1.5.5. Trigger Indicators 21 5.1.5.6. Key Interventions/Actions 22 5.1.5.7. Entry and Exit/Transition Strategy 24 5.1.6. Local Considerations 24 ...
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...of the current project risk management Procedure followed by the Spanish Business Unit of an automotive multinational company, which manufactures steering wheels and airbag modules. Different changes are established in the current procedure for the purpose of defining and implementing a project risk management procedure more useful and efficient. Introduction In the competitive business environment, organizations are seeking to get and stay ahead of the competition by making significant advances in the products and services, and operating as efficiently as possible. Many businesses use projects as vehicles to deliver that competitive advantage. Clearly each organization wishes to move ahead as quickly as possible, and that involves taking risk as the business exposes itself to a range of uncertainties that could affect whether or not it achieves its desired aim. Risk can be broadly defined as the probability of variation surrounding an anticipated outcome. Risk has been examined across multiple Disciplines, including economics and management. Within the project management context, the important thing is not keep risk out Projects, but to ensure that the inevitable risk associated with every project is at a level which is acceptable, and it is effectively managed. A project risk management includes the processes concerned with identifying, analyzing and responding to project risk. It includes maximizing...
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...A CRITICAL ANALYSIS OF THE BP OIL SPILL RESPONSE AND PREPAREDNESS PLAN FOR THE DEEP HORIZON – WHY DID IT FAIL? Toni Josina Elfrieda Beukes* May 2012† ABSTRACT: Based on events that unfolded in the U.S. in the weeks and subsequently months of the Macondo well blow-out, it is clear that neither industry nor government was equipped to deal with a spill the scale and complexity of the Deepwater Horizon disaster. As one of its key recommendations to President Obama for addressing the causes and consequences of the spill, the National Commission on the BP Deepwater Horizon Oil Spill in its final report, stated the need for “strengthening oil spill response, planning and capacity”. Industry best practice dictates that quickness and accuracy are key requirements for effective oil spill response and preparedness planning (OSRPP); yet it took nearly three months to seal the Macondo well. This paper is accordingly concerned with the reasons for the apparent failure of the BP oil spill response plan. This failure will be considered in light of current international environmental regulations on OSRPP and applicable United States legislation, whilst assessing the BP oil spill response plan’s compliance therewith. The study will also consider some theory in the development of OSRPP by looking specifically at risk assessment tools and applying key criteria to the BP oil spill response plan to determine its adequacy and appropriateness for its operations in the GOM. What...
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...Communications of the IIMA 25 2006 Volume 6 Issue 2 Disaster Planning and Management Holmes E. Miller Muhlenberg College, Allentown, PA 18104 Kurt J. Engemann Iona College, New Rochelle, NY 10801 Ronald R. Yager Iona College, New Rochelle, NY 10801 ABSTRACT Recent events such as hurricanes, tsunamis, earthquakes, power outages, and the threat of pandemics have highlighted our vulnerability to natural disasters. This vulnerability is exacerbated by many organizations’ increasing dependence on computer, telecommunications, and other technologies, and trends toward integrating suppliers and business partners into everyday business operations. In response many organizations are implementing disaster recovery planning processes. In this paper we discuss how to identify threats and scenarios; how to articulate the disaster recovery strategies; and four elements of the generic disaster recovery plan: Mitigation, preparedness, response, and recovery. We then provide examples of software that can help disaster recovery professionals in the planning and implementation process. Finally we present some trends that will reinforce the criticality of the issue. Keywords: Disaster Recovery Planning; Business Continuity Planning; Risk Assessment INTRODUCTION Several major natural disasters that have occurred in the past few years have placed disaster management on the front pages: The Tsunami of late 2004, Hurricanes Katrina and Rita, and the earthquake in Pakistan in 2005 affected both...
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...part of a program or larger project? ERP Incorporated has been in business since 1997 and is the recognized leader in providing world-class emergency and security planning services and systems. ERP is well equipped to meet clients initial planning needs as well as maintaining and upgrading emergency response plans as the need arises. Safety and security is not only our business but is also our passion. We have successfully completed emergency response plan projects for over 200 clients ranging from small companies to state wide emergency response plans. Some of our accomplishments include implementing an emergency response plans for Brazoria County Texas with a population of over four million people and were able to successfully reduce response times from seven days to two days. This project was completed two months earlier than required and was delivered well within the required budget. We have also created ERP’s for McMasters Elementary for a school of less than 150 staff and students. We pride ourselves in the diversity or our projects and our ability to rise to the demand of any challenge. Our team has conducted a thorough site assessment and the results have determined that the City of Loganville, South Carolina is in need of a detailed emergency response plan. Currently emergency response planning is being provided by Greenville County and due to the population growth it is important for the city to be able to protect its citizens and reduce the impact of disasters...
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