Managing Project Risks just became a whole lot simpler! Quebec release offer versatile integration between Project Management and Risk Management to allow for greater risk control over dynamic project scales.
Use case:
Complex projects often require proper tool to ensure risk assessment is done as per defined standards. It requires various activities such as risk identification, assessment, response, and monitoring. Now you can use GRC Advanced Risk Assessment integrated with PPM to assess your project risks.
The latest ServiceNow release comes with a robust risk assessment engine useful for addressing risk estimation and management needs. The new feature enables deeper insights into project risks alongside enterprise risk posture, all with the help of tools such as heat maps and aggregated project risk ratings.
With recent servicenow Quebec release, project managers shall now be able to:
- Identify and assess the risks from the Project form itself.
- Assess the Inherent Risk (risk that exists in any action, before any precautions are taken) and Residual Risk (remaining risks associated with a course of action after precautions are taken).
- Elevate a Project Risk to an Enterprise Risk, should the risk impact the enterprise on a certain degree.
- Calculate the roll-up risk scores across projects, programs, and portfolios such that the stakeholders can access and interpret the same.
- Monitor the risk posture and understand the mitigating actions.
Pre-Configurations steps:
- Upgrading your ServiceNow platform to the Quebec release.
- Activating the Project Portfolio Management & Advanced Risk plugins.
- Enable Advanced Risk PPM Integration property under Advanced Risk Assessment > Administration > Properties. This property is automatically set to No by default.
- Navigate to Advanced Risk Assessment > Administration > Project Integration Configuration and set assessor and approver details.
Project Risk Assessment workflow:
- As project manager, you can identify risks and add them to a project. This can be done by creating the risks, or adding them from library.
- Upon adding the risk, click on 'Assess Risk' to initiate the process. You can assign an Assessor as well as an Approver in this step.
- The aforementioned Assessor can now go to Advanced Risk Assessment > Risk Assessment Tasks > My Tasks to perform advanced risk assessment.
- Once Inherent & Residual Risk assessment gets completed, the project manager reviews the Risk Assessment Summary section to view the risk assessment scores.
- Risks, depending upon their severity, can be elevated to an Enterprise Risk. Such risks can be addressed by higher management, vis-a-vis. the Enterprise Risk manager.
- The Enterprise Risk manager reviews the Enterprise Inherent Risk score and the Enterprise Residual Risk score under Risk Assessment Summary.
- As part of the Project Portfolio Management workflow, if a risk materialises and requires action to be taken, the project manager can convert the risk into an issue, decision, action or change requests.
- The project manager can interpret Project Risk posture at Risk Overview section on the project form. The heatmap visually represents high impact risks and high likelihood risks. With the heatmap, you can prioritize the risks that need immediate attention. The assessed contribute to the aggregated risk score of the project.
- View the Project Risk Overview dashboard to understand the overall risk posture of project risks and of enterprise risks.
ServiceNow Quebec release with its risk analysis integration helps project managers in a multitude of ways. Starting with advanced risk assessment features to enterprise level risk classification--and everything in between, the limits are endless! We invite customers, project managers, colleagues to try out the release and discover new ways to consolidate risk analysis for your projects.
Thank you!
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