Do you know what risks you are accepting at your company? In this episode, we are going to be talking about Managing Technology Risks.

What is Technical Risk?

Technical Risk refers to the potential for performance shortfalls in achieving explicitly established and stated technical requirements. These shortfalls may arise during the evolution of design, production, or system implementation. Here are the key points:

Definition: Technical risk encompasses the uncertainties related to the design, development, and production of a system. It affects the system’s ability to meet stakeholder expectations and technical specifications.

Components of Risk:

• Scenarios: These are situations or events that lead to degraded performance.

• Likelihood: The probability (either qualitative or quantitative) of these scenarios occurring.

• Consequences: The severity of performance degradation if a scenario materializes.

Risk Management Process:

• Identification: Recognize potential technical risks.

• Mitigation: Develop plans to address risks.

• Monitoring: Continuously assess progress and adapt as needed.

IT Team: They play a vital role in risk management by identifying, monitoring, and resolving technical risks.

Tailoring Risk Management: Customize the risk management process to suit your specific program or project while adhering to governing documentation.

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