Risk Management Process Improvement

Abstract

The object of this project is an information technology company located in Aguadilla, Puerto Rico. Said company employs the Risk Management process to identify and mitigate potential issues that could become risks as part of New Product Introduction Program Launches. The current process makes it time intensive to obtain status of risks identified. The objectives to attend to the identified problem include making documentation consistent; bringing visibility to process, documentation, and metrics; and to deliver a central location to track risks. Actions taken to reach the project goals were to form a Governance and a Tool Development team to refine the process and design a tool with the purpose of documenting and tracking risks. As a result, the Risk Management Governance team was able to deliver the Risk Management Tool and train employees on the revised process and tool. This initiative successfully transitioned the management of risks of all new programs as of May 2022 for the three business units in the company into the Risk Management tool. Key Terms ⎯ If-then format, Mitigation Strategy, NUDD, Risk Breakdown Structure.