Risk in today’s large projects is critically under-managed throughout the project life cycle and is not sufficiently accounted for in planning – you need to start planning Risk Allocations right from the bidding stage. WRENCH SmartProject understands the importance of alleviating risks and helps you anticipate and minimize risk effectively.
Risk & Mitigation Management
Risks ebb and flow as a project progresses and your risk management strategies need to react accordingly, starting with classifying all risks from all sources, including contracts, scope, change orders, vendor, T&Cs etc. Not all Risks can be identified or captured during the bid stage but as the project enters phases like regulatory approvals, vendor & supplier contracts and so on, new risks crop up and must be dealt with quickly. SmartProject helps you do this by providing reliable and accurate information in real time throughout the project life cycle
- Risk & Mitigation Register to record strategies & actions
- Analysis of Risk severity and probability
- Linkage of risks to Activity Plan, or WBS level to define deadlines
- Actions assigned to responsible personnel
- Workflows linked to each action
- Notifications sent if risk levels are not alleviated within deadlines
- Actions tracked to completion
- Risks are reported at both project level and portfolio level to accurately assess its cumulative impact on your business
- Risks are ranked to help you prioritize and allocate resources optimally
Risk Management Compliance with PMBok Principles and Guidelines
Analyze shift of risk severity or probability due to negotiated settlements and protectors
Align Risk actions with Schedule to define closure prioritizations
Record the risks involved in executing a large capital project and create actionable insight by measuring the probability and severity of risks on the project.
Create Action Plans on the Mitigation Register, record the change of impact due to negotiated agreements
A single window to the dashboard provides quick insight into prioritized risks for management attention
Did I account for all risks on my project?
What is my mitigation strategy for the risks?
Is my mitigation actions getting to closure on time?