Enterprise Risk Management (ERM) and Risk Governance

MPUG

Let’s consider the following scenario based true events which occurred within an organization I worked closely with recently. Risks were identified, then qualified, and risk responses planned. For implementation of these risk responses, a number of actions were needed.

What’s in YOUR risk register?

Kiron Bondale

Tracking and reporting risk information is a standard part of any project management approach. Given this, is it possible to come up with a minimum set of risk information elements which we’d want to capture on most projects? For risks which are only going to be monitored (e.g.

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The Three Things Every Project Manager Must Know about Project Governance

Ron Rosenhead

It covers the very important topic of project governance. Project Governance is often seen as getting in the Way. Good Governance Adds Value. But good governance is not about meddling. And if you see it that way, you risk setting yourself, and your project, above the organization that is paying for it. Project governance is an essential discipline. So, if you had to know just three things about project governance, what would they be?

Kingspan Insulation Enables Growth with Successful Product Portfolio Governance

Arras People

If your organisation does not have effective product portfolio governance, growth can quickly become overwhelming and lead you into making inaccurate decisions. Here are several of the benefits outlined in the webcast: Resources are comfortable escalating risk and issues as everything is directly accessible by project teams – so there are no more surprises. Risks can then be more closely monitored by senior management and stakeholders trust the data.

Review Agile Governance and Audit

Henny Portman

Christopher Wright wrote the book Agile Governance and Audit – An overview for auditors and agile teams. Agile Governance and Audit gives a short introduction to agile, compares agile with waterfall and looks at audit and agile cultures. The author follows a project life cycle from idea towards a usable product including governance and control. To order (Bol.com): Agile Governance and Audit.

Kingspan Insulation Enables Growth with Successful Product Portfolio Governance

Arras People

If your organisation does not have effective product portfolio governance, growth can quickly become overwhelming and lead you into making inaccurate decisions. Here are several of the benefits outlined in the webcast: Resources are comfortable escalating risk and issues as everything is directly accessible by project teams – so there are no more surprises. Risks can then be more closely monitored by senior management and stakeholders trust the data.

Project Governance: Establishing an Effective Steering Committee

Strategy Execution | PMO Perspectives

Within the project management community, the concept of governance is seen as a fundamental project control, which is easy to grasp in principle. Getting the governance piece right requires insight and at times a few honest conversations about roles and responsibilities. Unfortunately, it’s not uncommon that I see projects with one of the following dysfunctions in the governance area: It’s unclear to the project manager who the sponsor is.

Vendor Showcase Recap: Triskell Software for Enterprise Governance

MPUG

Please find below a transcription of the audio portion of Rich Murphy’s showcase session, Triskell Software for Enterprise Governance, being provided by MPUG for the convenience of our members. We have a lot… We’ve got several European government agencies.

Vendor Showcase Recap: Triskell Software for Enterprise Governance

MPUG

Please find below a transcription of the audio portion of Rich Murphy’s showcase session, Triskell Software for Enterprise Governance, being provided by MPUG for the convenience of our members. We have a lot… We’ve got several European government agencies.

The Origins of Scrum and Empirical Closed Loop Control

Herding Cats

This took me back since Scrum is derived from an empirical closed loop control system developed in the USAF by Col. And of course: Assessing the outcomes of the feedforward and feedback loops is the basis of all Closed Loop control system. See link below on Closed Loop Control). Closed Loop Control. IT Risk Management. Close Loop Thinking. Agile Decision Making Estimating Governance Management Principles

Risk Management Resources

Herding Cats

Risk Management is essential for development and production programs. Risk issues that can be identified early in the program, which will potentially impact the program later, termed Known Unknowns and can be alleviated with good risk management. Effective Risk Management 2 nd Edition , Edmund Conrow, AIAA, 2003. Risk Management is Project Management for Adults - Tim Lister. Risk Management Papers. “A Risk a Feelings,” George F.

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A Compendium of Risk Management Resources

Herding Cats

This blog page is dedicated to the resources used to manage the risk encountered on software-intensive systems using traditional and agile development methods. Let's start with a critical understanding of the purpose of managing risk on software development projects. Risk Management is essential for development and production programs. Effective Risk Management 2nd Edition, Edmund Conrow, AIAA, 2003. Risk a Feelings,” George F. Hammonds, Risk Analysis 14.5

2012 33

Future-proofing Your Business with Cyber-Security & Risk Management

Brad Egeland

60% of small businesses close shop six months after a cyber-attack. Here is how to future proof your business against ever-evolving cyber threats: Establish an Effective Risk Management Plan ​ A risk management plan helps to improve the visibility you have into your threat landscape. It points out the number of risks that you face, the best ways to cater to them, and whether the risk treatment options you chose are working. Why Risk Assessment Matters 1.

2019 91

Webinar Recap: Risk Management Life Cycle in the Context of Project, Program, and Portfolio

MPUG

Please find below a transcription of the audio portion of Satya N Dash’ session, Risk Management Life Cycle in the Context of Project, Program, and Portfolio, being provided by MPUG for the convenience of our members. Satya N Dash: So first, the framework for risk management.

2021 52

Order to Delivery Work and Project Management: Improve Profitability and Reduce Risks Across Enterprise-Sized Projects

Leankor

To gain the critical insights and collaboration needed to improve profitability and reduce risks, business as usual will no longer cut it. The post Order to Delivery Work and Project Management: Improve Profitability and Reduce Risks Across Enterprise-Sized Projects appeared first on Leankor.

Planning for those project disasters that no one wants to think about

Kiron Bondale

Boards play a key governance role in the successful running of companies. If the sponsor or key risk owners are ignoring looming threats, the steering committee could push them to do more and can encourage these stakeholders to take a more proactive stance.

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Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana

MPUG

Please find below a transcription of the audio portion of John Owen’s showcase session, Making Light Work of Schedule Risk Analysis, being provided by MPUG for the convenience of our members. I’m going to talk about schedule risk analysis. This is the contingency for risk.

Vendor Showcase Recap: Making Light Work of Schedule Risk Analysis – By Barbecana

MPUG

Please find below a transcription of the audio portion of John Owen’s showcase session, Making Light Work of Schedule Risk Analysis, being provided by MPUG for the convenience of our members. I’m going to talk about schedule risk analysis. This is the contingency for risk.

A Compendium of Works to Increase the Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management. Project Governance. Open Loop / Closed Loop Project Controls. Agile Software Development for Government Software Intensive System of Systems (SISoS) , Boulder Agile Meetup, 27 July 2016. Risk Management. Five Easy Pieces: The Essentials of Managing Programmatic Risk , 10th Annual Rocky Mountain Project Management Symposium, Denver Colorado, April 2008. Handling Risk on High Technology Programs.

2008 45

Compendium of Works to Increase Probability of Project Success

Herding Cats

Business, Technical, Systems, Risk, and Project Management Briefings and Presentations. Risk Management (#RM). Governance (#Governance). Business, Technical, Systems, Risk, and Project Management. Managing projects in the presence of uncertainty means making decisions about cost, schedule, and technical performance all risk-adjusted , from the uncertainties that create risk. But in fact, risk management is part of the other 4 principles as well.

2015 37

Increasing the Probability of Project Success

Herding Cats

and the connections between each Process are made to form a Closed Loop control systems needed to manage any project. Capabilities Earned Value Estimating Governance Management Performance-Based Project Management® Principles Requirements Risk Root Cause Analysis Technical Performance MeasuresIncreasing the Probability of Project Success Simple in Theory, Complex in Practice.

2017 69

Rogue Project Sponsor: What to Do when Sponsorship goes Bad

Online PM Courses

Fails to take risks seriously. Show them how close to the bone you are in achieving your outcomes. But, alongside that option, set out the risks, so they can see what the consequences are of formally revising your objectives. The risks are too high, both in terms of: likelihood of failure. The rogue Project Sponsor overplays or underplays project risks Arguably, overplaying risks fits into our first example, above.

2018 134

Stakeholder Engagement for Your Project Success

Epicflow Blog

The success of any project is dependent on a number of factors such as clear goals, realistic project schedule, budget, resource, risk, and uncertainty management. Proper Stakeholder Management Ensures Risk-Free Project Delivery.

2020 70

Misunderstanding Making Decisions in the Presence of Uncertainty

Herding Cats

The risk is created when we have not accounted for this natural variances in our management plan for the project. Dealing with Aleatory (irreducible) uncertainty and the resulting risk requires we have margin. An aleatory risk is expressed as a relation to a value. Epistemic uncertainty can also occur when there is a subjective evaluation of the system - a risk from a rare event or an event with little or no empirical data. One starting point is the value at risk.

3 Questions That Must Be Asked at Every Project Management Meeting

Herding Cats

Of course, each of these questions and answers must be risk-adjusted since. Risk Management is Project Management for Adults - Tim Lister. And finally, since all project work operates in the presence of uncertainty, we must make estimates in order to execute the project in a Closed Loop manner. These questions and the principles, processes, and practices to support them are Governance of the project. Risk-Informed Decision Making , NASA/SP-2010-576.

2018 35

The Project Communication Plan

MPUG

For example, the customer, project sponsor, and management stakeholders need status reports, but they also want information about the project strategy and issues and risks that might affect the business objectives for the project. For small projects, communication can be quite simple.

From Mission Capabilities to Done

Herding Cats

These measures are: Measures of Effectiveness (MOE) – are the operational measures of success that are closely related to the achievements of the mission or operational objectives evaluated in the operational environment, under a specific set of conditions. The TPM assess design progress, define compliance to performance requirements, identify technical risk, are limited to critical thresholds, and include projected performance goals.

2017 35

Cone of Uncertainty - Part Cinq

Herding Cats

Aleatory and Epistemic uncertainties, which create the risk to the success of the project. Other uncertainties that create risk include: Unrealistic performance expectation with missing Measures of Effectiveness and Measures of Performance. Inadequate assessment of risks and unmitigated exposure to these risks with proper handling plans. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. .

2017 33

Why the Stage Gate Process will Make You a Better Project Manager

Online PM Courses

It is an important part of project governance that looks both backwards and forwards. The risks and benefits associated with moving to the next stage. Let’s set aside the very important governance imperative. But what if governance were unimportant to you… or your organization? And of course, it isn’t just you who will be studying this evidence closely. ’ PRINCE2 and the UK Government refer to Gate 0 – Strategic Assessment.

Connecting "What" with "How" - and the Failure to Understand the Principles of Systems Engineering and Systems Management

Herding Cats

Measures of Effectiveness - are operational measures of success that are closely related to the achievements of the mission or operational objectives evaluated in the operational environment, under a specific set of conditions. Assess design progress, Defines compliance to performance requirements, Identify Technical Risk, Are limited to critical thresholds, Include projected performance. It's been said by an agile voice that. Progress and value delivery are not the same thing.

Proceeding without contingency is irresponsible

Kiron Bondale

The project manager is well aware of the risks of proceeding without contingency, but the client is adamant. Contingency exists to protect a project’s success criteria from the impacts of realized negative risks.

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Cone of Uncertainty - Part Cinq (Updated)

Herding Cats

Aleatory and Epistemic uncertainties, which create the risk to the success of the project. Other uncertainties that create risk include: Unrealistic performance expectation with missing Measures of Effectiveness and Measures of Performance. Inadequate assessment of risks and unmitigated exposure to these risks with proper handling plans. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. .

2017 30

12 Project Management Rules You’d be Wise to Note

Online PM Courses

It is no coincidence that the developers of the UK Government’s Project Management methodology, PRINCE (now, PRINCE2 ), chose the acronym they did, for their new methodology. To paraphrase a familiar saying (also of widely disputed origin): ‘Keep your team close, but your stakeholders closer still.’ I once told the story of how my book on Risk Management , ‘ Risk Happens! How Project Risk Management will Make You a Better PM.

2018 75

Project Management: Agile and Waterfall Explained

International Institute for Learning

A phase usually ends before the next one starts, and the sequence is traditionally 5 Phases: Initiation, Planning, Implementation, Controlling, and Closing. Closing : Hurray! Tasks with high risk are also prioritized. By Karim Radwin , CAIA, PMP.

2021 80

Cone of Uncertainty

Herding Cats

Aleatory and Epistemic uncertainties, which create risk to the success of the project. Since all project work contains uncertainty, reducing this uncertainty - which reduces risk - is the role of the project team. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. . This data is an observation of a project not being managed as Tim Lister suggests - Risk Management is How Adults Manage Projects.

Cone of Uncertainty - Part Trois

Herding Cats

Aleatory and Epistemic uncertainties, which create the risk to the success of the project. Other uncertainties that create risk include: Unrealistic performance expectation with missing Measures of Effectiveness and Measures of Performance. Inadequate assessment of risks and unmitigated exposure to these risks with proper handling plans. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. .

2017 28

Cone of Uncertainty - Part Deux

Herding Cats

Aleatory and Epistemic uncertainties, which create risk to the success of the project. Since all project work contains uncertainty, reducing this uncertainty - which reduces risk - is the role of the project team and their management. Either the team itself, the Project or Program Manager, or on larger programs the Risk Management owner. . A critical success factor for all project work is Risk Management. Risk Management is How Adults Manage Projects.

2017 30

Project Management Process: The Basics

Clarizen

Closing : processes required to formally end a project, or a phase of a project. . The initiating project management process group governs the tasks and steps that are needed to define and formally authorize a new project, or a major new phase of an existing project. Closing.

The #NoEstimates Paradigm and Response

Herding Cats

When we hear a suggestion about a process that inverts the logic of normal business activities based on a governance framework - say Microeconomics of Software Development, we need to ask who benefits? It is likely those paying us have some sort of governance process in place for managing the spend of that money. Governance is about decision rights. Uncertanity creates risk. Uncertainty is the source risk. Risk does not exist in the absence of uncertainty. .

2016 49

Deconstructing the Hertz and Accenture Debacle

Herding Cats

Root Cause Analysis is Risk Management, that asks the question what is the condition or activity that will create a risk to the success of our project? Without this approach, you only find out about the problems that will cause failure (for example Hertz and Accenture) after they have happened Risk Management is How Adults Manage Projects - Tim Lister. We play this role in ERP acquisitions for commercial and government clients . What was the risk-adjusted date?