Risk and Opportunity Management Policy

EFFECTIVE DATE: October 13, 2016

APPROVED BY: Mike McCoy

LAST UPDATED: May 27, 2019

PURPOSE

The purpose of this document is to establish the policy regarding the expectations for a Risk and Opportunity Management strategy for identifying, analyzing, mitigating and escalating project related risks and opportunities within InnovaSystems, International LLC (ISI).

SCOPE OF THE POLICY

This policy defines the standards for managing project related risks and opportunities and is applicable to all ISI software development project teams developing software business solutions and services.

APPLICABILITY

Responsibility for Risk and Opportunity Management shall be divided between the Project Manager and Scrum Master Roles. Project Leads must ensure Project Managers and Scrum Masters adhere to this policy as they are responsible for risk and opportunity escalation into the organization (See ISI Risk and Opportunity Escalation Policy).

AUTHORITY AND COMPLIANCE

This policy is authorized by the Chief Operating Officer (COO). Compliance to this policy is to be evaluated through an appraisal/audit process. Results will be provided to the appropriate personnel and non-compliance/issues will be submitted to the Business Unit Leads and the Executive Team for remediation.

POLICY STATEMENT

This policy is intended to establish a Risk and Opportunity management best practices across the organization. When utilized successfully, risk and opportunity management will allow a given project to understand the potential impact they can have on their project or the organization. In financial terms, risk and opportunity management is vital to our ability to pursue our goals, commence and operate programs, and to perform duties in an efficient and professional manner. In operational terms, risk and opportunity management is vital to delivering project promise to our customers.

Per this policy, InnovaSystems shall:

  1. Define a set of processes to establish structure and expectations for the execution of risk and opportunity management activities.
  2. Identify and risks and opportunities.
  3. Establish and maintain standardized risk and opportunity sources and categories.
  4. Establish and maintain an organizational risk and opportunity exposure structure.
  5. Monitor and control response for escalated risks and opportunities.
  6. Communicate the status of escalated risks and opportunities to appropriate project stakeholders.
  7. Manage and escalate risks and opportunities in accordance with the Risk and Opportunity Escalation Policy and InnovaSystems Process Guidance.

Process Guidance Version: 10.4