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THE MITIGATION IMPACT PLAN - General Intent -
It can’t be denied - the fact - that every business comes across a new risk
every now and then. These risks can severely affect critical data and their
daily work.
But that doesn’t mean the developer can’t handle these risks at all. With careful
planning, all issues can be easily treated such risks and reduce their impacts
considerably.
This is where mitigation plans come in.
A mitigation plan will help you anticipate risks that may affect your
firm and direct you in responding to them.
Let’s just take the recent covid pandemic as an example, that was a risk
that was unprecedented but most firms have tackled it and smoothly transitioned
today. And these mitigation plans were to create a remote workforce and use
tools that foster remote collaboration
culture and make it an efficient process.
Just like that, mitigation plans help reduce the impact of any risks that your business might or is already facing. So let’s learn how you can create a plan for your business…
Step 1. RISKS IDENTIFIED
Consider all kinds of risks but internal and
external. This can be something as simple as an operational conflict or
something as immense as a natural hazard. Factor in all such
possibilities, and list them all down.
Step 2. RISKS ASSESSED
Now that you (the developer) have laid down all the potential risks, assess them.
Quantify the level of risk that would arise and how detrimental they can be.
Risk assessments will involve the measures, processes, and controls to
reduce the impact of risk.
Step 3. RISKS PRIORIZED
The next step after quantifying the risks is to rank them in terms of severity.
Prioritize every single risk, then all your mission-critical business operations will take a hit.
That’s why establish an acceptable level of risk so that not all of your teams end up working on the mitigation plans.
Step 4. RISKS MITIGATED
There are many ways you / developer can reduce the impact of these risks, based on
their severity, here are a few options:
- Assume/Accept.
Create a proper understanding of risks and their implications. Will it
affect your budgets, project timeline? Is it arising from a reduced
technical performance? After determining the severity choose
“assume/accept” if the risk is heavily impactful on your business.
- Avoid.
Once you develop an understanding of the implications of risks if you deem
a risk to not be detrimental or having a huge impact on your business,
avoid mitigating it. Also, if a risk is beyond your control like, avoid
spending time on it.
- Control:
Now that you know which risks need to be mitigated, analyze them even
further. How can you help reduce their impact? Help control risks by
performing analyses of various mitigation options. Check out previous
solutions of how such risks were handled, in your business or your
industry, that may help out, And with a precise idea in mind, devise a
plan.
- Transfer:
If you think risk cannot be handled by your business, transfer it,
Reassign accountability, responsibility, or authority for a risk area to
another organization, someone with clear expertise in the field. But
remember, transferring risks to another organization can result in
dependencies and loss of control that may have their own complications.
Step 5. TENANT MITIGATION IMPACT PLAN
First & foremost is to find an appropriate mitigation manager.
He/she must have the knowledge, authority, and resources to implement the plan.
They may also have to come up with the mitigation strategy and determine the
tools and actions needed to make the plan a success.
Ask these questions to help you curate your mitigation plan:
- What
actions are needed?
- When
must actions be completed?
- Who
is the responsible action owner?
- What
resources are required?
- How
will this action reduce the probability or severity of impact?
Step 6. CONTINGENCY MITIGATION PLAN
Risks are unpredictable and there may be a chance that your plan fails. At such times, you may have to develop a contingency plan or a “Plan B” to fall back onto.
Step 7. MITIGATION MONITOR
Once a risk has been identified and a plan put in place to manage it, there can be a tendency to adopt an auto-pilot mode. Resist that inclination. Revisit the basic assumptions and premises of the risk. Check how your plan has reduced the impact or if it has been futile. And if it has worked even before the scheduled time, redirect those mitigation resources to where is necessary.