Risk & Opportunity Management

A conscious continuous process of identification, analysis, manage and monitor of probable influences, with scheduled official reviews where risk-reward relationships are documented and coordinated

Risks/Opportunities are just potential consequences to be considered ahead of time to avoid untimely surprises or future disappointments!

Dyadanac facilitates

The contemplation of all issues that may establish through brainstorming, from previous projects, the industry’s ‘common risks’, changes in approach, innovation, complexity, constraints, emergencies, etc. by the appropriate resources. The process engages specialists in identification, analyze/rate/prioritize (likelihood/severity/impact), response plan (what/who/when), implement the mitigation, verify the residual impact, whether it materialized or was managed or not.

Given that risk is unavoidable, success depends upon the ability to analyze, monitor and control it effectively – in so maximizing the opportunities and addressing the threats to ensure business objectives are met in the most effective way:

  • Clear and well defined risk acceptance thresholds are required in order to determine the level of risk that can be tolerated
    - Showstoppers
    - Leverage Points
    - Benchmarking
  • Provision for escalation and delegation in an hierarchical risk management approach: Depending on the level at which it would have the greatest impact if it occurred, or whether two or more related risks occurring simultaneously could multiply the effect (double jeopardy)
  • Establish and maintain reporting and communication processes to support and reinforce ownership of risks and accountability for the overall project risk analysis and management processes

Qualitative or quantitative risk processes

  • Qualitative
    - Understanding of underlying reasons
    - Insights into the setting of a problem, generating ideas for later quantitative analysis
    - Unstructured techniques ie interviews or group discussions
    - Non-statistical
    - Exploratory and/or investigative, findings are not conclusive. Develop an initial understanding and sound base for further decision making
  • Quantitative
    - Quantify data and generalize results
    - Appraisal or measure the incidence
    - Structured techniques such as reviews and analysis
    - Statistical data is recorded; findings are conclusive and usually descriptive in nature
    - Used to recommend a final course of action