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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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Would anyone like to share their experience using Program/Project RAID logs to manage risk, action, issues and decisions?  In particular I'm interested in the data model used in your RAID log and what if any materials from the PO10.9 reference was used. 
Joe Gallo | 3/14/2013 7:35:08 AM | COMMENTS(0)

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