Who Should Manage Your Risk Data (Roles & Responsibilities)?

The minimum and ideal contributors are outlined below including the rationale for all contributors. The PRC Risk Suite is used for the product; however, this strategy would work on other third party or internal systems.

 

Minimum Requirements to Manage a Risk Register

Each project should have at minimum one project controls person or risk manager to own the risk register. The ideal candidate should understand the different disciplines, the scope of work, cost, schedule and other impacts.

Ideal Management of a Risk Register

All parties responsible for their risks should input and update their risk events. This allows the most accurate information to be in the system from the subject matter expert. All updates are timestamped with the updating risk owner. The mitigation strategies can be implemented and adjusted much more effectively if all users manage them directly.

It is still helpful for one person to own the risk register and be available to guide the individual risk owners. All stakeholders should be able to view real-time reports.

 

Minimum Requirements for a Schedule Risk Analysis

Each project should have at minimum one project controls resource, planner, scheduler or risk manager to run a schedule risk analysis. The ideal candidate should understand the different disciplines, the scope of work, critical path management scheduling and risk management.

Ideal Contributors for a Schedule Risk Analysis

The project scheduler(s) and risk manager working together is the ideal pairing to build a schedule risk model. The scheduler´s data is being analyzed and they should be involved in creating the model as there will be changes to the schedule. Schedule Risk Analysis is probabilistic scheduling.

The scheduler can easily be trained to put ranges to areas with single-point durations and treat risk events as probabilistic activities. What-if scenarios may call for schedule changes. Other users may receive dashboard or report access to validate the results or for mitigation planning.

 

Minimum Requirements for a Cost Risk Analysis

Each project should have at minimum one project controls resource, planner, cost estimator or risk manager to run a schedule risk analysis. The ideal candidate should understand the different disciplines, the scope of work, the project schedule, cost estimating and risk management.

Ideal Contributors for a Cost Risk Analysis

The project cost estimator(s) and risk manager working together is the ideal pairing to build a cost risk model. The cost estimator´s data is being analyzed and they should be involved in creating the model as there may be changes to the estimate. Cost Risk Analysis is probabilistic cost estimating.

The cost estimator can easily be trained to put ranges to areas with single-point costs and treat risk events as probabilistic costs. What-if scenarios may call for estimate changes. Other users may receive dashboard or report access to validate the results or for mitigation planning.

 



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The PRC Enterprise Risk Register is a web-based risk management software solution which allows for the tracking of risk at the project and portfolio level.  Audit logs for all risk updates and changes are available at the click of a button to aid with audits, claims and the flow of information.  The power of the PRC Enterprise Risk Register is in the simplicity of the user interface, which is designed to navigate easily at both project and portfolio levels without compromising functionality or data.  The PRC Enterprise Risk Register allows for mapping across project levels so the data can be reported at the portfolio level, even if the work, risk and organizational breakdown structures are not standardized.

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The PRC Enterprise Cost Risk Analysis is a customizable web-based solution for simulating estimate cost and determining cost contingency, cost drivers, and risk hotspots. The key to a good risk analysis is good inputs.  The software cannot be a roadblock to success. Good risk software should be easy on the end user. Monte Carlo simulation is already a complex.  The software should simplify the process.

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The PRC Enterprise Schedule Risk Analysis is a customizable web-based solution for simulating schedule duration and dates. At PRC Software, we believe that the key to good risk software is through good inputs and excellent user friendliness. A Monte Carlo simulation is already a complex.  The software should not be complicated as well.

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PRC specializes in risk analysis, audit, and training.  We have cross-industry experience in fields such as Aerospace & Defense, Oil & Gas, and Engineering & Construction.  We believe that over-complicating the risk process often leads to wasted effort and poor results.  Our goal is to "make it simple."

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