Transition Risk Management Plan Sample Clauses

Transition Risk Management Plan. The MSI will execute, monitor and control the DCS Transition Risk Management Plan, and will drive the Risk Management processes to make certain that inputs are received and reviews are conducted by the SCP, DIR and DIR Customers. The following outlines the high level Risk Management process for the Transition Project. The risk register for recording and tracking Transition project risk is provided as a component of the communications package. The Risk Management Plan provides the method for identifying, recording, tracking and resolving the possibility and impact of an event for which the occurrence adversely impact the Transition Plan objectives for requirements, schedule, cost or quality. The objective of risk management is to provide early identification of these problems that may lead to such unwanted outcomes so that appropriate decisions can be taken to eliminate risks, or to minimize their impact if they occur. To quantify risk exposure, both risk impact and probability must be identified. Risk Impact determines what the magnitude of impact will be if the risk really occurs. The high-level Risk Management Plan outline is as follows:  Identify and assess risks  Identify risk owner  Create and execute risk action plan  Presentation of the risk and mitigation plans to the Transition Solution Group  Monitor and report progress of the risk action plan  Escalate risk and manage communications  Close risk or convert risk to project issue Risk Management Plan Roles and Responsibilities The following table provides a high-level outline for the roles and responsibilities of the Risk Management Plan. DCS Transition PMO or Steering Role Responsibility MSI, SCP Transition Project Team or MSI Stakeholder  Any project team member can raise a risk at any time. Report risk to project manager, functional leads or Transition Solution Group representative MSI or SCP Project Managers  Approve Risk  Log risk in risk register  Review the risk in DCS Transition PMO risk meeting  Track their approved Risk through process  Confirm information about their risk is current and accurate DCS Transition PMO  Assign Risk owner  Conduct analysis and review and validate risk information  Assign final risk probability and impact  Prepare risk reports for discussion at appropriate  Confirm all Risk mitigation plans  Drive Risk escalation process Risk and Issue Reporting Lead  Enter all risks in the Risk register  Make certain risk action plans are recorded  Make c...