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Risk – Driven PMO Strategy

PM ADVISORY

By Kevin Hanrahan and David Giudice

TranSigma Partners

Connecticut, USA
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Every day, businesses need to decide which projects to work on, which to put on hold, which ones to escalate, or which should just be canceled outright.  The world today is more risk-aware than ever before, thanks in part to the instability of financial markets and rapid advancements in technology.  Compound that with globalization and you have an inordinate potential for threats that cannot be ignored.  Setting project priorities based on enterprise risk is not applicable to all projects in an organization, but it should be viewed as critical to functions where risk, security and compliance are factors.

Determine risk appetite: Charting the probability of the event against its impact results in risk categories of low (acceptable), medium (tolerable), and high (unacceptable). While it’s not always feasible or even desirable to have no risk, businesses have a certain level of risk that they can tolerate.  In order to capture the true risk appetite for a business, input needs to be gathered across the enterprise and agreed upon at the executive level. This is often performed using a matrix that shows both the potential “Impact” and “Probability” of a given risk. If the enterprise Risk Appetite matrix can’t be obtained from the company’s risk organization, it can be developed internally.

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About the Authors

pmwj14-sep2013-Hanrahan author image 150x208flag-usaKevin Hanrahan, CEO

TranSigma Partners

Connecticut, USA

With over 25 years of experience in consulting and industry, Kevin Hanrahan has significant depth in management consulting, process transformation, financial systems and risk management. His executive positions include ING, GE, Price Waterhouse and Arthur Andersen. He has been responsible for global strategic initiatives and operations for numerous departments; including global risk and compliance, financial systems, capital markets, insurance, information management and risk.  He is a Master Black Belt, certified Project Management Professional (PMP), Certified Public Accountant (CPA), Chartered Global Management Accountant (CGMA) and Certified Management Accountant (CMA). Kevin is a member of the Ohio Society of CPA’s, American Institute of CPA’s, Information Systems Audit and Control Association and the Project Management Institute.

Kevin graduated summa cum laude with a degree in Accounting and received his MBA from Xavier University in the United States.

flag-usapmwj14-sep2013-Giudice author image 150x225David Giudice, VP

TranSigma Partners

Connecticut, USA

David Giudice brings 18 years of leadership experience in business process improvement, global operations, client management, and information security. The majority of his career was developed in General Electric’s financial and manufacturing businesses driving company-wide initiatives, developing global teams, and delivering custom workshops such as change management and Lean training to strategic clients. In his most recent role as Chief Security Officer at Vertrue, David led technology teams with focus on enterprise security, PCI compliance and risk management.

David is a graduate of Worcester Polytechnic Institute, where he earned his Bachelor of Science in Electrical & Computer Engineering. He holds professional certifications in Six Sigma and Security Leadership.

www.transigma.com