Risk Management
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The document discusses the implementation of a structured risk management process by a Canadian distributor of natural resources that previously used an ad hoc approach. KnowledgeTech developed a comprehensive solution including a framework, a manual, and training to improve project completion efficiency and reduce unplanned expenses. Key benefits included proactive risk management, enhanced budgeting accuracy, and regulatory compliance.
Risk Management
- 1. Client Profile RISK MANAGEMENT Organization Business Needs The client required the implementation of effective risk management Canadian distributor of processes in order to ensure the efficient and successful completion natural resources of IT projects. Previously, all of the IT department’s risk management practices had been carried out on an ad hoc basis. To Size guarantee the achievement of project portfolio objectives, the client Over 900,000 customers, had to replace this unorganized approach with a set of defined and measurable risk management processes. around 1,200 employees Solution Industry Knowledgetech developed a comprehensive risk management This client is one solution with three key components: of the most significant 1. Framework: Provided a step-by-step guide to key activities utilities companies necessary for evaluating and responding to risks – based on in the Pacific North West. industry best practices but customized for the client’s workflows It is also a noted 2. Manual: Outlined the risk management framework and supplied innovator in alternative tools and templates for putting it into practice energy technologies. 3. Training: Ensured all internal and external project managers understood and could work within the framework Benefits • Proactively managed risk – contributing to the efficient completion of projects and reducing the need to allocate funds for the mitigation of unplanned events or emergencies • Filled gaps in the existing risk management process • Increased the rigour and accuracy of the budgeting process and the calculation of projects deadlines • Audited projects to ensure regulatory requirements were met www.knowledgetech.ca 604-484-8099 © 2011 Knowledgetech – All rights reserved