Describe how to create a risk assessment team. Assignment Requirements Imagine that you are a new manager responsible for the IT team in a start-up company that provides hosting services for online storefronts. Shortly before you were hired, the IT systems were compromised, resulting in the services going offline for almost 24 hours before services were restored. As a result, the business suffered financial losses that it could ill afford as a start-up company. The CEO of the company has directed you to put together a plan to mitigate future risks. The first step is to assemble a team of subject matter experts to help you create the plan. The CEO wants to review a list of the recommended team members before you proceed with the plan. You need to create a list of recommended team members in a form for submission to the CEO. In creating the recommendation, evaluate each role selected, documenting the value that the team member will bring to the process. Also, document any potential issues where team members might have conflicting priorities and you would resolve any conflicts.
As the saying “Prepare for the worst expect the best” every IT firm should have a Disaster Recovery (DR) plan in place. There are various types of risks that can happen in an IT firm. They can be classified as:
- Product/Market Risk
- Competitive Risk
- Execution Risk
- Team Risk
Risk assessment should be done in all the above areas in order to be prepared for the unexpected.
How to access the risk?
Product/Market Risk: Does the product work?
A successful startup should always do a market analysis before creating and delivering a product. A right product targeted to the right audience at the right time is key to the success of any startup.
Competitive Risk: Does any product exist with same functionality and who are the competitors?
The competitive risk is another important factor that needs attention. Before the product is released, a thorough analysis should be done on current product and competitors.
Execution Risk: Business development, Process reviews, Sales skills, Operational skills
This risk is associated with the execution of the project from its requirement analysis to final output. The process that makes the product should be reviewed through a project life cycle technique like Waterfall or Scrum.
Team Risk: Does the team work together, any breakup risk?
In any project, success depends on the team. The coordination, communication, creativity, achieving milestones etc. are essential in success of any project.
How to avoid future risk?
- Assess the risk
- Identify Risks
- Assess Risks
- Manage the risk
- Create Controls
- Implement Controls
- Evaluate and Retrospect
Risk Management Flow