Risk management and implementation plan
Definition:Risk mitigation planning is the process of developing options and actions to enhance opportunities and reduce threats to project objectives [1]. Risk mitigation implementation is the process of executing risk mitigation actions. Risk mitigation progress monitoring includes tracking identified risks, identifying new risks, and evaluating risk process effectiveness throughout the project [1].
Keywords: risk, risk management, risk mitigation, risk mitigation implementation, risk mitigation planning, risk mitigation progress monitoring
MITRE SE Roles & Expectations: MITRE systems engineers (SEs) working on government programs develop actionable risk mitigation strategies and monitoring metrics, monitor implementation of risk mitigation plans to ensure successful project and program completion, collaborate with the government team in conducting risk reviews across projects and programs, and analyze metrics to determine ongoing risk status and identify serious risks to elevate to the sponsor or customer [2].
Background
Risk mitigation planning, implementation, and progress monitoring are depicted in Figure 1. As part of an iterative process, the risk tracking tool is used to record the results of risk prioritization analysis (step 3) that provides input to both risk mitigation (step 4) and risk impact assessment (step 2).
Figure 1. Risk Management: Fundamental Steps [3]The risk mitigation step involves development of mitigation plans designed to manage, eliminate, or reduce risk to an acceptable level. Once a plan is implemented, it is continually monitored to assess its efficacy with the intent of revising the course-of-action if needed.
Risk Mitigation Strategies
General guidelines for applying risk mitigation handling options are shown in Figure 2. These options are based on the assessed combination of the probability of occurrence and severity of the consequence for an identified risk. These guidelines are appropriate for many, but not all, projects and programs.
Figure 2. Risk Mitigation Handling Options [3]You might also like
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