As our clients’ products grow in capability and complexity, Technomics’ project management toolbox must continue to grow as well. A crucial component of that toolbox is risk management enablers. Complex projects with high levels of innovation and external dependencies cannot be effectively managed with a one-size-fits-all process. Many companies advertise effective Risk Management solutions, but Technomics has a differentiated strength that distinguishes us from the rest of the pack. We have a deep understanding of the impact of decisions being made and associated risks being mitigated.
Technomics delivers more than the skeleton of a risk management process and an analyst to support it. We offer a robust framework for integrated risk management and provide the expertise needed to properly quantify and address each risk. Once a foundation has been established we tailor our unique risk management offering to the individual needs of the project. Each project stakeholder’s objectives and circumstances are different, and every team member brings a unique and valuable perspective to the table. Tailoring risk analysis to fit the specific needs of each project stakeholder is the first step towards successfully managing risk.
A key dimension of Technomics’ differentiation is risk register and risk reporting template automation. Team members who bring new risks to the table should not be burdened with a time-consuming documentation process. A Technomics Risk Management best practice is to implement a risk register that automatically generates all required reporting documents. This proven automated process allows risk owners to focus on what really matters – mitigating the risk. We continue to demonstrate the effectiveness of this time-saving best practice for PEO Integrated Warfare Systems (IWS 2).
After a risk has been identified, its likelihood of occurrence and potential impact must be quantified. Risk owners often brush over this step far too quickly, assigning a value to the risk without truly understanding the nature and complexity of impact. The expertise of Technomics cost analysts, engineers with the background to acquire the right situational awareness from the program’s technical team, promotes diving deeper to correctly assess likelihood and impact of each risk. The powerful outcome is a more accurate score and confidence in our understanding of each risk and how to mitigate.
Collaboration is the glue that holds a successful risk management process together. Once the risk owner has done his/her part to document and assess the risk, it’s time share that information with the team. Regardless of whether the perfect framework exists for risk owners to quantify and mitigate risk, success depends on buy-in from leadership and the technical teams. For example, likelihood of realizing a risk is far greater if the Logistics Lead chooses to stay in his stovepipe, only writing his risk from a logistics perspective. Each party, from the Installation Team to the Program Manager, offers a unique yet complementary perspective that warrants consideration. Technomics analysts have the broad (i.e., technical and programmatic) perspective to help our programs effectively execute an integrated, cross-functional risk management process, promoting collaboration every step of the way.