1. mike fearey – University/ RESEARCH RISK SLIDES 090223 1 Risk Assessing Your Project Your project –what are the risks? You must not gamble that your research project will go to plan and nothing will go wrong.

2. mike fearey – University/ RESEARCH RISK SLIDES 090223 2 Risk Assessing Your Project “Planning is an unnatural process; it is much more fun to do something. Sir John Harvey-Jones The nice thing about not planning is that failure comes as a complete surprise, rather than being preceded by a period of worry and depression.”

3. mike fearey – University/ RESEARCH RISK SLIDES 090223 3 Risk Assessing Your Project Risk Management is about identifying and doing something about the things that might go wrong with your plans

4. mike fearey – University/ RESEARCH RISK SLIDES 090223 4 Risk Assessing Your Project You must identify the things that could go wrong with achieving your objectives. Understand the probability and impact of each of them happening. Eliminate the risk or prepare appropriate mitigation and contingency plans and act on them. Escalate issues if appropriate. Put in place controls that will alert you to problems early so you can act. Provide an evidence-based system that demonstrates you are doing the above. Risk is something happening that may have an impact on the achievement of your objectives, so… Adapted from: http://www.govexec.com/tech/articles/0498tech2.htm accessed 16 November 2001

5. mike fearey – University/ RESEARCH RISK SLIDES 090223 5 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process perhaps using the Risk Register format The Risk Management Process 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences

6. mike fearey – University/ RESEARCH RISK SLIDES 090223 6 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences The Researcher’s Risk Management Process

7. mike fearey – University/ RESEARCH RISK SLIDES 090223 7 Risk Assessing Your Project 2. List the risks, including their consequences 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix The Researcher’s Risk Management Process

8. mike fearey – University/ RESEARCH RISK SLIDES 090223 8 Risk Assessing Your Project

9. mike fearey – University/ RESEARCH RISK SLIDES 090223 9 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences The Researcher’s Risk Management Process

10. mike fearey – University/ RESEARCH RISK SLIDES 090223 10 Risk Assessing Your Project Risk Appetite Put the risks you face on the risk matrix

11. mike fearey – University/ RESEARCH RISK SLIDES 090223 11 Risk Assessing Your Project

12. mike fearey – University/ RESEARCH RISK SLIDES 090223 12 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences The Researcher’s Risk Management Process

13. mike fearey – University/ RESEARCH RISK SLIDES 090223 13 Risk Assessing Your Project Risk zone Where is the risk on your matrix? Countermeasures Terminate the risk Transfer the risk Temporarily stop the risk Treat (mitigate) the risk Tolerate the risk Contingency Your Plan B’s Ways to address risks Intolerable zone Undesirable zone Acceptable zone Negligible zone Adapted from: Risk Management Strategy. DEFRA. April 2002

14. mike fearey – University/ RESEARCH RISK SLIDES 090223 14 Risk Assessing Your Project

15. mike fearey – University/ RESEARCH RISK SLIDES 090223 15 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences The Researcher’s Risk Management Process

16. mike fearey – University/ RESEARCH RISK SLIDES 090223 16 Risk Assessing Your Project

17. mike fearey – University/ RESEARCH RISK SLIDES 090223 17 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences The Researcher’s Risk Management Process

18. mike fearey – University/ RESEARCH RISK SLIDES 090223 18 Risk Assessing Your Project

19. mike fearey – University/ RESEARCH RISK SLIDES 090223 19 Risk Assessing Your Project 3. Prioritise your list of risks using probability and impact plotted on a risk matrix 4a. Prepare mitigation plans for the risks you should do something about 5. Record the risk management process using the Risk Register format 1. Identify your objectives 4c. Prepare contingency plans for the risks that remain 4b. Re-plot the risks on a new risk matrix 2. List the risks, including their consequences The Researcher’s Risk Management Process