If you haven’t figured out a way to have a holistic view of your IT risks then it is more than likely that the new year would usher in with challenging business environment. What are the chances? Probably more than 75%.

So whats the first step? Work with your SEPG/PMO set up a risk committee who would identify, define and record risks for the enterprise. You might want to read my previous post Who is “Managing IT through IT”

Secondly, the risk committee must consolidate, assess and analyze the historical data so that all the projects in the enterprise can benefit from it. Categorize the risks, assign a probability of occurrence, risk exposure, its severity and effect, source, mitigation and contingency plan and finally how must did it or would it COST.

Lastly, maintain Risk indicators and monitor is religiously and simultaneously share the information among functional areas to support better risk management throughout the enterprise.

Risk Management with Digité Enterprise provides Process Asset Library that enables SEPG/PMO identify, define, assess and analyze the risks. It also provides risk indicators for better visibility into the risks. Being an integrated application lifecycle management framework, sharing the information among a globally distributed team is just a mouse click away. This recognizes and addresses problems before they can threaten the success of the project.

Benefits?
i) Readymade risk repository to assist project managers to avoid cost overruns.
ii) Controlled scope creep to minimize the failure of enterprise projects.
iii) Better SLAs management by faster response to customers and enhanced customer service.