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PO10.9 - Project Risk Management

This topic is intended to enable collaboration and sharing of information to facilitate a better understanding and approach to implementing this COBIT control objective based on the risk, value and guidance provided by its corresponding control practices.

COBIT Control Objective PO10.9 - Project Risk Management is contained within Process Popup Manage Projects.

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Project Risk Management

Eliminate or minimise specific risks associated with individual projects through a systematic process of planning, identifying, analysing, responding to, monitoring and controlling the areas or events that have the potential to cause unwanted change. Risks faced by the project management process and the project deliverable should be established and centrally recorded.

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Value Drivers

  • Early identification of potential showstoppers when considering project feasibility and approval
  • Management able to identify and plan for contingencies and countermeasures to reduce risk impact
  • Clearly identifiable risk and issue owners
  • Mitigating actions monitored
  • Consistent and efficient approach for risk management within projects aligned to the organisation’s risk management framework
  Risk Drivers
  • Undetected project risks
  • Lack of mitigating actions for identified risks
  • Undetected project showstoppers

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  1. Establish a formal project risk management framework that includes identifying, analysing, responding to, mitigating, monitoring and controlling risks.
  2. Assign to appropriately skilled personnel the responsibility for executing the organisation’s project risk management framework within a project. Consider allocating this role to an independent team, especially if an objective viewpoint is required or a project is considered critical.
  3. Perform the project risk assessment of identifying and quantifying risks continuously throughout the project. Manage and communicate risks appropriately within the project governance structure.
  4. Reassess project risks periodically, including at entry into each major project phase and as part of major change request assessments.
  5. Identify risk and issue owners for responses to avoid, accept or mitigate risks.
  6. Maintain and review a project risk register of all potential project risks, and maintain a log of all project issues and their resolution. Analyse the log periodically for trends and recurring problems, to ensure that root causes are corrected.

 

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Aimed at both the novice and expert in IT security and industrial control systems (ICS), this book will help readers gain a better understanding of protecting ICSs from electronic threats.
Posted by ISACA 57 days ago

Events & Online Learning: 9 total

7 May 2012
ISACA International Event
Orlando, Florida, USA
Get the knowledge you need to stay one step ahead of the competition and keep up with changing professional trends at ISACA’s North America CACS Conference.
12 Jun 2012
ISACA International Event
Dallas, Texas, USA
ISACA Training is a unique educational event designed to provide the tools you need to maintain, update and upgrade your skills, and to continue your professional development.
7 Aug 2012
ISACA International Event
Chicago, Illinois, USA
ISACA Training is a unique educational event designed to provide the tools you need to maintain, update and upgrade your skills, and to continue your professional development.
10 Sep 2012
ISACA International Event
Munich, Germany
EuroCACS/ISRM is a multidimensional event featuring audit, security, governance and risk content, and the audit and security programs, tools and the resources you need to be responsive to industry changes.
11 Sep 2012
ISACA International Event
San Francisco, California, USA
ISACA Training is a unique educational event designed to provide the tools you need to maintain, update and upgrade your skills, and to continue your professional development.

Journal Articles: 220 total

Volume 3, 2012
by Robert Findlay, CISA
Robert Findlay has had a 30-year career in a variety of IT roles, including computer operations, programming, project management, IT audit and emergency project management.
Volume 3, 2012
by Fabrizio Baiardi, Claudio Telmon, CISA, CISSP, and Daniele Sgandurra, Ph.D.
Haruspex is a risk evaluation methodology defined and implemented by the research group on risk management in the Department of Computer Science at the University of Pisa, Italy.
Volume 2, 2012
by John P. Pironti, CISA, CISM, CGEIT, CRISC, CISSP, ISSAP, ISSMP
Risk and security will no longer be something that the organization consciously considers and instead will become integrated in business-as-usual activities.
Volume 2, 2012
by Kerry A. Anderson, CISA, CISM, CRISC, CGEIT, CISSP, ISSMP, ISSAP, CSSLP, CFE
The closer alignment between RIM and information security may provide an approach to managing increasing data protection concerns and tough privacy regulations rather than maintaining the separation between these critical compliance functions.
Volume 2, 2012
by Gan Subramaniam, CISA, CISM, CCNA, CCSA, CIA, CISSP, ISO 27001 LA, SSCP
What should be the recovery strategy that I must impose on the vendor to ensure an effective recovery of the services, if a crisis were to ever occur?
Volume 2, 2012
by Charles Gold
While open-source technology offers significant benefits, using open-source components carries technical and business risks that cannot be ignored.

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