Page 12 - VYSNOVA PROGRAM MANAGEMENT GUIDE 2020

We collaborate with the client to identify what has, can, or will go wrong, focusing on prevention. We
input these risks perceived, potential, and/or realized risks into a risk register with suggested
mitigation plans, risk coding, project impact, and risk owners.
After risks have been identified, Vysnova analyzes the risk, using the Risk Assessment Matrix in Annex
C that assesses its likelihood and consequence. Using a matrix, Vysnova rates a risk based on likelihood
and consequence–the likelihood the risk will occur and the consequence or impact the risk will have
on the project if it occurs. This characterization also aids in prioritizing risks for mitigation.
After converting the risk to a score, Vysnova develops the risk management strategy: avoid, mitigate,
accept, or transfer. In the event a risk is scored yellow or red, the Vysnova team briefs the appropriate
the client representative within 72 hours on impacts the risk has on the project, the proposed
mitigation plan, and Vysnova-recommended next steps. In many circumstances, Vysnova collaborates
with the client to develop the related risk mitigation strategy.
Once the risk reduction strategy is in place, the project team acts to eliminate the risk or protect the
project from its impact by modifying the PMP to mitigate. Once one of the actions has been taken to
mitigate the risk, Vysnova continues to monitor it in accordance with the defined monitoring
frequency, documenting how the risk changes over time.

Figure 1: Vysnova Risk Management Process
Vysnova mandates risk tracking as part of our program management approach. As a PM, you should
regularly brainstorm all potential or realized risks to your program and add them to your risk tracker
(a template for the Program Risk Register is available in the PM Guide Templates Workspace on
Smartsheet, shared with all program management staff during Onboarding). You are required to
present all risks during the PM Leadership briefing. There may be some potential risks that are tracked
internally and not shared with the client for various reasons (for example, if the probability of the risk
is so low it is not worth mentioning to the client), so the PM is responsible for determining which risks
should be reported to the client. Vysnova’s standard is to include a risk register in our monthly or
quarterly status reports to the client (See sample below).

Copyright 2020 Vysnova Partners Inc. All rights reserved.

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