Presentation on enhancing risk mamangement

powerpoint presentation on risk management

1. enhancing project risk management at futuronics Presented by:                 Arshnoor  Brar

2. overview What main areas will the presentation cover? What kind of business is Futuronics  in? Identifying Challenges in Risk Management 2 Actions to improve Risk Management

3. What kind of business is Futuronics in? 3 The company focuses on:             - Developing futuristic and advanced technology           -   Emphasis on products 7 years ahead of current market offerings.             The main sectors:                  - Artificial intelligence                  - Robotics                  - Automation                  -Cyber security               

4. Reactive Approach People usually prefer to take action when the problem arises , rather than already in advance .This causes most of the stakeholders to not take interest in risk management Overconfidence After completing initial risk assessment the stakeholders usually become carefree thinking that all the risks have been tackled by them initially. Initial Excitement As the project is new there is a lot of enthusiasm and energy, when the project is implemented people usually get involved in the day to day activity often forgetting risk assessment. Resource Constraints As the project starts, more of the staff and money is involved in the activities to keep the project going which restricts resources for risk management. Futuronic  co. 4 Stakeholders often lose interest in risk management after a project is underway   Perception as a one-time task Risk management is heavily emphasized during the initial stage, once the risks are identified the stakeholders believe that major risk management is done. Priorities After the project is underway the focus often shifts on completing the project within the budget, said time, pushing risk management aside and not being focused on.

5. Failure to maintain effective risk management throughout the project can lead to: Delay in project Without continuous risk monitoring, unexpected issues can arise and cause significant delays. Opportunity  lost Fighting crises that arise unexpectedly rather than grabbing opportunities lead to missed improvements Reputational Damage High profile project failures due to unmanaged risks lead to damaged reputation Increased costs Resources are wasted on issues that might have not arose in the first place increasing cost Project Abandonment Uncontrolled risks can escalate to the point where the project is no longer viable, leading to its abandonment.

6. WAYS TO IMPROVE STAKEHOLDER SUPPORT AFTER IMPLEMENTATION OF THE PROJECT: Education and training Motivating particip -  ation . Building a risk aware structure Improving risk management process Regular communication

7.  1 REGULAR RISK ASSESSMENT Conduct periodic risk assessments to identify new risks and reassess existing ones.  2 Implement Automated Risk Tracking Tools   Using risk advanced risk management tools to track risks easily.  3 Risk aware culture An environment where people openly talk about risks and do not fear being blamed. 4 Engage Stakeholders   Keeping the stakeholders informed and good communication. 5 Provide Continuous Training   The team should be updated with latest risk assessment tools and techniques. 7 Improving risk management process:

8. Education and training DEVELOP A TRAINING PROGRAM        Different training programs should be set up to keep the team aware and up to date to the tools and technology for risk assessment. WORKSHOPS AND SEMINARS        Conduct interactive workshops where team members can practice risk assessment techniques. SIMULATION EXERCISES        Simulation exercises should be conducted to allow team members to know how to react when actually risk arises. GATHER FEEDBACK       Collect feedback from team members to identify areas for improvement and make the training programs according to the feedback. Futuronic  co. 8

9. MOTIVATING PARTICIPATION 9 Motivating participation in ongoing risk assessment throughout a project requires a combination of strategies to foster engagement, accountability, and a sense of ownership among team members and stakeholders. Here are some effective approaches: Leadership Commitment                                  -   Clear Communication                                          Recognition and Rewards                                  - Inclusive Decision-Making

10. Thank you Submitted by: Arshnoor Brar 10