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Risk Mitigation

 
When the assessed rating of a risk is unacceptably high, specific projects or tasks can be employed by the enterprise to mitigate the risk, reducing its likelihood and/or consequence. These tasks or projects must be documented in Architex to allow decision makers to balance the residual risk rating with the cost of mitigating efforts. Mitigation steps can be added to a risk at the lowest level of nesting. The screenshot below uses a notional set of data.
 
Risk Mitigation
 
1

Info Section

1. Info Section
The Info section contains basic information about the mitigation.
  •  Name: an easily identifiable moniker for a specific mitigation
  •  Description: the work which must be completed to reduce the risk
  •  Notes: an extra field for documentation, not visible in the Risk Viewer pane
2

Statement Section

2. Statement Section
The Statement section contains specific information about the mitigation. This is often identical to the data for the associated risk; it is typically only updated if there is a discrete change in the risk if the specific mitigation step is not completed.
  •  If Statement: the specific trigger event or condition which requires this mitigation
  •  Then Statement: the impact to an objective if the mitigation is not completed
  •  Root Cause: the reason the trigger happens
  •  Consequence if not Implemented: the overarching implications to the enterprise if the mitigation is not implemented
  •  Estimated Cost: the risk author’s best guess of the cost to complete this step
3

Status Section

3. Status Section
  • The Status section contains the Mitigation Status of the step as a whole.
4

If Implemented Section

4. If Implemented Section
The If Implemented section is the quantified rating of the risk, when the mitigation step has successfully completed
  •  Likelihood Rating: associated with the chosen likelihood category of the risk, the probability of the risk being realized
  •  Consequence Rating: associated with the chosen consequence category, the impact of the risk being realized
5

If Not Implemented Section

5. If Not Implemented Section
The If Not Implemented section is the quantified rating of the risk, if this mitigation step is not performed. This will automatically be updated to match the first selection in the If Implemented sections. Users must manually change these ratings if they wish to display an alternate path on the Estimated Burndown Chart tab quantifying the negative impact of not completing any given mitigation step.
  •  Likelihood Rating: associated with the chosen likelihood category of the risk, the probability of the risk being realized without this step
  •  Consequence Rating: associated with the chosen consequence category, the impact of the risk being realized without this step
6

Mitigating Projects Section

6. Mitigating Projects Section
The Mitigating Projects section contains the projects in the Lifecycle Affordability Module (LAM) that will achieve the desired risk rating for this step. The Projects options are populated from the projects within a linked LAM architecture and display the project's status in parenthesis.
7

Date Attributes Section

7. Date Attributes Section
The Date Attributes section is the time horizon for this mitigation.
  •  Valid From: when the step is estimated to begin
  •  Valid Until: when the step is estimated to complete
8

Save

8. Save
Click Save when you are finished editing the sections; this writes the data back to the database. A reminder warning pops up to remind you to save if you try to navigate away from the mitigation while it is still in edit mode.
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