QSO 349 Module Five Activity Risk Log Brandon Meadows
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School
Southern New Hampshire University *
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Course
349
Subject
Information Systems
Date
Jun 10, 2024
Type
docx
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7
Uploaded by BrigadierMeerkatMaster1059
QSO 349 Module Five Activity Risk Log Template
Directions
: Use this table to develop your risk log for the Module Five Activity. Replace the bracketed text with the relevant information from your case study analysis. In your log, include the following information:
Describe the possible procurement risks in the case study you chose to analyze for the final project.
Indicate the probability that the risk would actually occur.
Indicate the potential impact of each risk. If the risk occurs, estimate how much damage it would cause.
State an appropriate response for each risk. Your response strategy should include the detailed actions you would take to avoid, mitigate, or tolerate the risk.
Assign the responsibility to prevent or mitigate the risk. Identify the person, by name or title, who is responsible for taking the actions. Risk Log
Risk Description
Probabili
ty
Impact
Response Strategy
Responsibility
Inadequate Vendor Capabilities
High
High
Conduct thorough vendor evaluation and due diligence to ensure the selected vendor has
the necessary expertise and resources.
Procurement Officer
Budget Overrun
Medium
High
Develop a detailed budget and monitor expenses throughout the project. Implement cost control measures if needed.
Project Manager
Risk Description
Probabili
ty
Impact
Response Strategy
Responsibility
Software Integration Challenges
Medium
High
Conduct a compatibility assessment and engage in discussions with the vendor to address integration issues.
IT Team
Data Security Breach
Low
High
Implement stringent data security measures and require the vendor to adhere to strict security protocols.
IT Security Officer
Delayed Implementation
Medium
High
Set clear project timelines and establish penalties for vendor delays. Monitor project progress closely.
Project Manager
Vendor Non-
Compliance
Low
High
Ensure the contract
includes robust performance metrics and penalties for non-compliance.
Procurement Officer
Risk Description
Probabili
ty
Impact
Response Strategy
Responsibility
Unforeseen Regulatory Changes
Low Medium
Stay informed about relevant regulations and maintain flexibility in the procurement
plan to accommodate
changes.
Legal Team
Incomplete or Inaccurate Requirements
High
Medium
Conduct thorough requirement gathering and validation processes. Involve key stakeholders in the requirements definition.
Business Analyst
Lack of End-User
Adoption
Medium
Medium
Involve end-users throughout the software selection process. Conduct training and change
management Initiatives.
Change Management Team
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Risk Description
Probabili
ty
Impact
Response Strategy
Responsibility
Vendor Financial
Instability
Low
Medium
Request financial statements and conduct financial risk assessments before finalizing the
contract.
Finance Team
Importance of a Risk Registry for Procurement:
A risk log is a crucial tool for a successful procurement as it allows the procurement team to identify, assess, and mitigate risks associated with the procurement process. By
maintaining a risk log, the team can proactively monitor potential risks and take corrective actions to minimize their impact on the project. The significance of a risk log in procurement cannot be overstated. It serves as a centralized repository where all identified risks are documented, organized, and tracked throughout the procurement process. Here are some key reasons why a risk log is essential for a successful procurement:
1.
Risk Identification: The procurement team can systematically identify risks by brainstorming, conducting risk assessments, reviewing historical data, and analyzing industry best practices. By documenting risks, the team ensures that no potential issue is overlooked.
2.
Assessment and Prioritization: The risk log helps in assessing the likelihood and impact of each risk. This enables the team to prioritize risks and focus on those that pose the most significant threat to the procurement's success.
3.
Decision-Making Support: The risk log provides valuable information to decision-
makers, allowing them to make informed choices about risk mitigation strategies. It helps in evaluating the effectiveness of risk mitigation measures and justifies the allocation of resources.
4.
Risk Monitoring and Control: The risk log enables ongoing monitoring of risks throughout the procurement process. By regularly reviewing the log, the team can identify emerging risks, modify risk mitigation strategies, and take corrective actions when necessary.
5.
Communication and Collaboration: The risk log serves as a communication tool, allowing stakeholders to be informed about risks and their status. It also facilitates collaboration among team members, ensuring that everyone is aware of potential risks and their mitigation efforts.
In summary, a risk log is an indispensable tool for successful procurement. It enables proactive risk management, supports decision-making, promotes effective communication and collaboration, and ensures a systematic approach to risk identification, assessment, and mitigation. By maintaining a comprehensive risk log, the procurement team can navigate the procurement process with greater confidence, minimize risks, and increase the chances of project success.
When it comes to Harley-Davidson Motor Company: Enterprise Software Selection case the risk register is an invaluable tool that helps anticipate and
address various challenges such as software integration, vendor selection, data security, budget control, and compliance. The risk register also helps the procurement team to manage risks proactively, which will ensure an efficient and successful procurement process for Harley-Davidson's enterprise software selection.
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References:
Lindstrom, D. (2015). Procurement Project Management Success. J. Ross Publishing