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Risk Register January 2011 Ciaran Whyte Risk Administrator Planning & Strategic Projects Unit.

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Presentation on theme: "Risk Register January 2011 Ciaran Whyte Risk Administrator Planning & Strategic Projects Unit."— Presentation transcript:

1 Risk Register January 2011 Ciaran Whyte Risk Administrator Planning & Strategic Projects Unit

2 Agenda Objectives of Seminar Why manage risks? Who should have a risk register? Risk Management Theory Risk Register format Risk Register Intranet Tool Risk Registers and Coordinators Examples of managing risks Risk Assessment Process Active Risk Management

3 Objectives of Seminar Know why you should create a risk register Be able to create a risk register Know how to keep the register up to date Have an awareness of University risk management practices Know how to be more successful in risk management At the end of the seminar you should -

4 Why manage risks? “the threat or possibility that an action or event will adversely or beneficially affect an organization's ability to achieve its objectives” IssuesRisks Fire-fighting Damage limitation Costly emergency actions Containment actions Contingency KNOWN PROBLEMS POTENTIAL PROBLEMS pro-active management lower costs less stressful risk definition

5 Who should have a risk register?  Project management teams  College / School management teams  Administrative Department management teams  University senior management teams (SAM / SMT)  All groups of people who meet to achieve common objectives Current problems - Minutes / action items Future problems - Risk register

6 Risk Management Theory Risk Identification Risk Evaluation Risk Mitigation Risk Monitoring past experiences inputs focus areas ignore risks outside control determine likelihood or probability of occurrence determine magnitude of loss or impact avoid contain active acceptance passive acceptance transfer chase actions / reassess probability & impact / add new risks regular reviews of register quick & simple communication to key stakeholders

7 Identifying Risks  When you have a plan for the future project tasks - step back and consider the possibility of each task failing to meet timescales / budget / quality objectives - review all assumptions  Write down a clear definition of the risk – ‘there is a risk that ….... which will impact......’  Consider past experiences - lessons from past projects or other intellectual material - review list with other project managers and key project team members  Consider all the evidence - requirements and design documents, dependencies, resourcing, status reports  Brainstorm with key project individuals - facilitated sessions – Delphi technique / SWOT analysis - expert interviews  Foster open communication within project team - give the team the opportunity to raise risks - don’t shoot messengers!  Ignore risks over which you have no control - keep within your scope and what is manageable

8 Evaluating Risks  Determine likelihood or probability of occurrence - consider how many times this has been an issue before - use past experience to guide probability - select HIGH / MEDIUM / LOW  Determine magnitude of loss and impact - assess impact in terms of scale of consequences should issue arise - assess in relation to scope of area being managed - select HIGH / MEDIUM / LOW

9 Mitigating Risks  avoid - eliminate the cause - remove task/activity causing risk from plan  contain - add actions to plan to reduce probability (high  medium  low) - add actions to plan to reduce impact (high  medium  low)  active acceptance - set aside contingency - allocate extra resource or finance - take out insurance  passive acceptance - do nothing - accept consequences  transfer - pass risk to another party - commercial agreement is the action appropriate to risk severity? is cost of action effective enough? is the action timely enough? is the action realistic within project context? is the action agreed by all parties? is the action owned by a responsible person?

10 Monitoring Risks  be disciplined in ensuring that all actions are completed  ensure risk status covered in regular project reports  consider new risks as the situation changes  Gather feedback from owners of existing risks - changes to probability/impact/trend  Review RED risks and assign new actions  Review ‘increasing’ trend risks and assign new actions  Do NOT review all risks – manage by exception  escalate in good time to allow mitigation actions to be improved – don’t wait until it becomes an issue!

11 Risk Register format Red - existing controls not working/adequate (to escalate) Amber - existing controls in danger of failing Green - controls are working Identification Evaluation Mitigation

12 Risk Register Intranet Tool - Solution Intranet Risk Register Authorised names/depts Coordinators – update access HR/payroll Warning messages Risk log print-out for meetings Owners – read only access Administrator – total access and Audit reporting

13 Risk Register Intranet Tool - Roles Risk Database Risk Owner Risk Coordinator Administrator Register Owner Project Manager View all risks in register Manage risks for assigned School or Admin Dept View all risks ‘owned’ Manage risks for named project View all University risks create new project register School/Dept register restructuring access control audit and monitoring reporting to SAM/SMT/Audit Committee University / School / Administrative Department Project

14 Risk Registers & Coordinators School / CollegeCodeRisk Coordinator Arts & Humanities AAHDebbie Marshall Business & Economics BAEAlan Evans DACE DACJudith James Engineering ENGSteve Davies SOTEAS SOTAdrian Luckman Health & Human Sciences HHSJohn Davies Law LAWAndrew Beale Medicine MED Paul Roberts / Sian Roberts Physical Sciences PHYNiels Jacob Administrative Department Code Risk Coordinator Academic Registry ACRAdrian Novis ISS Tony Ollier DRI Chris Talbot Catering CATLes Carmichael Conference Services CONPeter Belcher Egypt Centre EGYCarolyn Graves-Brown Estates ESTIan MacPherson Finance FINPhil Gough HR HREJohn Cox Marketing MKTChris Marshall PSPU PSPCiaran Whyte Residential Services RESGareth Atkinson Safety Office SAFGraham Jones Sport & Physical Recreation SPRKevin Harrison Student Services STSSarah Huws-Davies Taliesin Arts Centre TALSybil Crouch VC’s Office VCOMartin Lewis University UNICiaran Whyte

15 Examples of managing risks

16 Risk Assessment Process  Pre-risk assessment checklist  22 multiple choice questions  A – low risk  B – medium risk  C – high risk  Identifies impacts to administrative functions  Risk Assessment Review  Risk assessment checklist  Risk register  DRI summary of finances  Summary presentation (major projects)  SMT approval 

17 Active Risk Management  track risk actions as part of your status reporting  foster a ‘heads-up’ culture as part of tracking to keep looking ahead  start all tasks as early as possible to increase mitigation options  maintain open and non-threatening communications  decriminalise risk within project team – keep a positive attitude!  Involve the key project skills in risk management – not just PMs  communicate risk information – stakeholders & project team  maintain your Project Files– and risk audit trail Risk management provides a – more efficient and cheaper way of working less stressful working environment

18 Conclusions THANK YOU for your time today

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