Risk Assessment Process
ORM Partners will work with you to evaluate potential risks associated with outsourcing. As a result, a risk management plan will be developed and include pertinent risk events, impacts, ratings, probability, status, mitigation tactics, and contingency responses.
Each critical risk will be evaluated and mitigation and contingency plans will be identified. The plan will include the services provided, as specific as possible, and a key focal point, unique to your corporation. The focal point is responsible for ensuring the mitigation and contingency options, chosen for the risk plan, are prepared and executed as required.
During the initial phases of the transition, the ORM Partners transition project manager will, with all of your company’s relevant and ORM Partners stakeholders, begin to systematically identify the possible risks that may negatively impact the success of the transition. Using a risk assessment template, the identified risks will be formally documented and prioritized based on impact rating and probability of occurrence. The risk assessment sheet will provide the framework to ensure all risks are identified, tracked, worked, and resolved.
Each risk is qualified by assigning a rating based on the severity/criticality of its impact of the project objectives.
Priority ratings meet the following criteria:
- High — May result in total work stoppage, affect the majority of the user base, result in major financial exposure and/or relates to a strategic issue or component of the support model, such as local or wide area network availability
- Medium — May reduce user productivity, result in financial exposure, and/or significantly impair users from conducting business
- Low — May cause disruption to an individual or business unit; will not significantly impact business productivity
After all significant risks have been identified, prioritized, and a focal point assigned, the risk management team will begin defining, evaluating, and selecting mitigation tactics to alleviate the likelihood of the risk occurring and contingencies responses in the event that the risk does occur.
ORM Partners will assist your company with evaluating potential costs of certain contingency plans by developing statements of work for strategic services, which we can provide as well as necessary consulting services.
The risk assessment sheet will be updated and reviewed by the focal point weekly. The sheet will be presented to the team as needed, such as when a significant change occurs. This plan will also be formally presented and reviewed at each executive briefing meeting as determined by your company and ORM Partners’ transition project manager.
Over time, the transition project team will also need to reassess and evaluate the viability and effectiveness of various contingency responses early in the project and determine the necessary adjustments required to mitigate existing and/or newly identified risks.