risk matrix

State of Minnesota

Intex Company

Risk Management Plan

Project Name: ___________________________

Prepared By: ___________________________

Date: ______________

This risk management plan details the strategies, tactics, and processes that will be implemented to manage and control the occurrence of events with the potential to hurt the Intex firm. It's the master document that keeps tabs on anything that might go wrong with the Project (Biskupek, 2018) . Risk assessment, risk mitigation, risk response planning, risk monitoring, and risk reporting will all be taken care of by this method.

Risk management methodology

The Intex Company will employ a scenario-based and asset-based approach to risk identification and evaluation. The corporation will conduct audits of its assets and analysis of its systems and data to identify potential risks. Using this scenario, the corporation may build what-if plans considering all the threats it faces.

A. Risk Identification

The company's risk assessment team will use a risk assessment questionnaire form to help spot potential dangers; this will be updated to include any additional risks unique to the company's Project. The team in charge of the risk management project can also utilize made-up situations to help spot them.

B. Categorize Risks

Using the questions from the Risk Assessment Questionnaire Template, the potential threats are organized into sensible categories. The scale, cost, technology, and evolution of the business and its various departments are all potential factors considered in the categorizing process. The risks will be sorted into the following classes. If more classes are needed for the Project, they will be created.

Catastrophic risks Class A	Critical risks Class B	Moderate risks Class C	Minor risks Class D	Negligible risks Class E
Legal, regulations, and compliance-related issues such as violations	Degradation in operations and activities in the Project	Minor securities that call for available and simple correction interventions	Non-distractive security needs and issues	Minor information and data confidentiality in project data
Technical issues such as miscommunication and security issues.	Corrective actions and requirements in the project processes		Less and minor identified Security threats
Withdrawals of materials providers
Insufficient data and other aspects like resources to validate the Project

C. Risk Impact Assessment

Each identified risk will have its likelihood of occurrence and potential influence on the Project's goals detailed in the outcome of the impact assessment and analysis process. The risk will be prioritized using the established criteria and thresholds, considering this data.

D. Prioritize Risks

The Risk Response Plan will contain entries and the consideration for those major ad serious risks that are considered significant enough to warrant a response (Biskupek, 2018). The remaining dangers will be color-coded as follows: red for "high," orange for "severe," yellow for "medium," and low (green).

E. Risk Response Planning:

Catastrophic risks	Critical risks	Moderate risks	Minor risks	Negligible risks
Avoid any legal constraints and issues by adhering to all legal stipulations governing the building of IT projects. All processes should be done before 9/5/2022	All possible critical risks, such as degradation of activities, are accorded corresponding attention, and mitigation measures, such as the provision of employee motivation, are implemented. 10/ 10 2022	The company will seek the instigation of preventive and security improvement infrastructure. However, In case of such risks, security measures such as installing various IT security interventions are implemented. 9/ 25 2022	Such risks would not require immediate implementation; therefore, the company could look for ways to overcome them as they execute other processes in the project environment. 10/ 20 2022	Such negligible risks are accepted, and the company can run the Project while transferring these risks to other wanting and serious circumstances, where they can be addressed. 10/ 10 2022
Avoid technical issues by ensuring that all processes are executed as planned and prior checks for possible failures are done to avoid unnecessary issues. Besides, the provision of enough materials and funds for the Project is made to avoid unnecessary issues.

F. Risk Response Tracking:

For all the risks identified, countermeasures are applied whenever an occurrence is witnessed. The dates and duration of the intervention and other related implementations are indicated in the response planning activity.

G. Monitor Risk:

In the monitoring process, it is the task of the in-charge members, such as the project managers and the Information officers, to overlook and ensure that all the protocols and planned implementations are followed as per the risk management plan (Biskupek, 2018). No other implementations or unplanned activity will be executed without prior notification and planning, which will only apply to special circumstances. This part would ensure that Intex Company provides all the specifications and meets all the requirements for a successful risk management plan and procedure. Such success would allow for creation of new ideas that may revolve around new risks related to the company's Project.

H. Control Risk:

The mitigation strategies are validated in this part of the plan, and the required corrections are done in every required position or level in the risk management plan (Batra, 2020). This is where new risks may be identified, and minor changes may be made. Other related activities such as revising the assessment questionnaire, ensuring the maintenance of the risk management and mitigation plan, and revising the risk response plan are dome. Besides, this part focuses on improving and exercising various modes and means of communication available in the respective environments.

2. Define assumptions that have a significant impact on project risk

The risk assumptions are that risks will occur, that the organization will not take any action to prepare for or prevent those risks, and that the severity and likelihood of those risks will change and fluctuate based on the circumstances. It is also assumed that effective communication would play a crucial role in the achievement of the set goals for risk management.

3. Define the roles and responsibilities unique to the Risk Management function

All of the company's workers will have some role in the risk project, the specifics of which will depend on the status of the business at the time. The success of this endeavor depends on the cooperation and mutual verification of all involved parties (Biskupek, 2018). The risk management group will be responsible for various tasks, including the ones listed below. Identification of all probable and possible risks

1) Ensuring and measuring the probability, prioritizing the risks depending on their probability of happening, and materializing in the project environment and implementation.

2) Create and execute a strategy that would help overcome the risks. These would include various modifications, communication, and the general avoidance of the respective risks in the company environment.

The risk management team would include the response and general risk management, teams. These teams would include the following staff:

Risk management team	Risk Response Tracking Coordinators
The company chief information officer –overall management and overseeing the risk management plan	The company chief information officer - overall management and overseeing the risk management plan
An overall Project manager helps the chief officer oversees and ensures the implementation of the risk management plan.	The company project manager - helps the chief officer to oversee and coordinate the implementation of the risk management plan.
Company system analysts- perform various analysis activities required for the risk man agent plan.	Company stakeholders- confirm and approve the feasibility of the risk man agent plan.
Company business data analysts analyze the risk management plan's different data and business aspects.	Company risk management group- make a general consideration and examination of the provided risk management plan.
Company IT specialists and technicians –perform all IT activities.
Department members from every company department –follow and confirm the processes of the risk management plan.
Stakeholder representative- record all the processes to be provided for stakeholders.

4. Define Risk Management Milestones

The Intex Corporation will establish a schedule for the Project's conclusion and a schedule for analyzing, deciding upon, and implementing a strategy for any and all potential dangers that may arise. Possible risks range in severity, the likelihood of occurrence, and potential impact on the business, all of which influence the choice and action plan made in response to each risk. During the Project's ninety days, careful planning will ensure that the idea is properly designed and implemented (Batra, 2020). The preparation of this strategy, however, will not be jeopardized by the relatively short term of this Project.

Milestone	Date
Risk Management Plan approved	09/01/2022
Risk Assessment Questionnaire tailored to project	09/20/2022
Risk Assessment Questionnaire complete	10/01/2022
Risk Response Plan approved	10/15/2022
Risk Management Reviews scheduled	11/01/2022

5. Define risk rating/scoring techniques

As a result of implementing this plan, the business may analyze all potential outcomes using a risk matrix and quantify their relative severity. Each detected risk will be given a severity grade (High, Medium, or Low) by the Project based on the likelihood of the risk event occurring, the extent to which it would alter the Project's goals, and the seriousness of the risk itself. The severity of one indicates the worst possible outcome, while a probability of five indicates the highest possible chance of nothing happening. Implementing a system or software also involves establishing risks for stakeholders and other top-level organizational roles (Biskupek, 2018). This software will help the company monitor potential dangers, mitigate them, and produce value to ascertain if they're worth taking. The individuals selected for the Project's risk management team will exercise their personal judgment based on their prior experiences as part of this approach. In the following scenario, we can see how the risk matrix might be used to depict the various probabilities and potential outcomes.

6. Establish risk thresholds

High-priority risks will need the creation of specific countermeasures within the framework of this undertaking. Any potential hazards judged to be of high severity will be brought to the attention of stakeholders to collect input on how best to address them.

7. Define risk communications

It is important to note that the nature of the potential dangers will dictate the specifics of the risk communication strategy. The sequence of commands will be invoked for every interaction. The Intex firm will demonstrate the following forms of communication:

Employees are expected to communicate regularly with their supervisors and follow the company's predetermined reporting structure. The only people who can contact the project sponsor are the CEO and the project manager (Batra, 2020). The Chief Information Officer will oversee the whole risk management team. Training and interaction with company employees will be coordinated and led by HR professionals. There will be constant communication between team members via voice calls, electronic mail, and text messages. In addition, once every week, the team will report at a staff meeting to verify that they are still on schedule and that nothing has changed. It is expected that modification has been made after the plan's updating, and it will take effect within three months.

8. Define risk tracking process

Performance indicators, constant analysis and elevations, constructive communications and meetings, and the use of a system will all be part of the plan for monitoring any risk. Upon receiving the risk questionnaire, the Risk management team will review it to see whether or not any changes have been made and then carry out the tasks required to mitigate the identified risks (Biskupek, 2018). A system and all evaluation tools will allow the team to review and monitor the efficiency of all data. Having the risk management team and top executives meet and communicate regularly will ensure that everyone is aware of and prepared for any potential threats that may surface inside the business.

Reference

Batra, A. (2020). CYBER SECURITY MANAGEMENT: CREATING GOVERNANCE, RISK, AND COMPLIANCE FRAMEWORK. Journal on Software Engineering, 14(4).

Biskupek, A. (2018). Risk management in IT projects–case study. Trends Economics and Management, 12(32), 21-33.

Tserng, H. P., Cho, I. C., Chen, C. H., & Liu, Y. F. (2021). Developing a Risk Management Process for Infrastructure Projects Using IDEF0. Sustainability, 13(12), 6958.

Dixit, S., Sharma, K., & Singh, S. (2020). Identifying and analyzing key factors associated with risks in construction projects. In Emerging Trends in Civil Engineering (pp. 25-32). Springer, Singapore.

Kabanda, G. (2021). Cybersecurity risk management plan for a blockchain application model. Trans Eng Comput Sci, 2(1), 221.