Hall Associates Risk Management Capabilities

Hall Associates Risk Management Capabilities
We offer risk management for small and large businesses and organizations to enable them to proactively protect themselves from internal and/or external threats and vulnerabilities. Our Risk Management process and procedures are designed to be tailored for any size
business or organization and to proactively aid in keeping your business or organization viable, minimizing impacts from inside and outside threats, regulations, people’s actions and non-actions, protecting your employees and customers and preserving your data, records and
physical assets.

Risk Areas
All of the following risk areas that should be considered for appropriate management attention :
  • Technical
  • Management
  • Enterprise
  • Operational
  • External
  • Organizational
Within these risk areas, specific risks need to be continuously identified and considered. Hall Associates uses the Program Risk Identification tool to ensure that all potential risks are considered. Once considered, they can be prioritized and controlled.  Some of the risk identification baseline framework available are:
• Cost Development
• Schedule Development
• Requirements Definition & Stability
• Design & Engineering Maturity
• Legal
• Transportation Complexity
• History/Lessons Learned
• Technology Maturity
• Use of COTS/GOTS/NDI/Reuse
• Fabrication Resources
• Functionality
• Process Maturity
• Personnel Experience & Training
• Data Requirements
• Etc.

Risk Management

Risk Management
Risk is a measure of future uncertainties in achieving performance goals and objectives within defined cost, schedule, and performance constraints.

Risk Identification - Risk is associated with all aspects of any program or enterprise (e.g., cost, design maturation, environment, hardware, integration, human interface, schedule, software, supplier
capability, technology maturity, threat) as these aspects relate across the work breakdown structure and Integrated Master Schedule (IMS).  Risk is also associated with all areas affecting any program or
enterprise (e.g., technical, management, external, operational, enterprise).  Every area should be examined to identify all risks. Check out https://programriskid.com/ for a standard methodology to develop a risk baseline.
Risk Analysis is an evaluation of the identified risk events (approved by the Project RRB to determine possible outcomes, critical process variance from known best practices, the likelihood of risk events occurring, and the consequences of the outcomes.  This step involves the use of risk analysis tools and techniques to estimate the likelihood of the event occurring along with the cost, schedule, and performance consequences, then converting the resulting likelihood and
consequence estimates to a risk level (e.g., Low, Medium, High).
Risk Handling is the step that evaluates, selects optimum risk control options, then develops and implements approaches in order to reduce risk to an acceptable level given project constraints and objectives. This includes the specifics on what should be done, when it should be accomplished, who is responsible, associated cost and schedule, etc. The four risk handling options are assumption, avoidance,handling (commonly called control), and transfer.  After a risk control strategy option has been chosen, the risk handling plan or the Contingency Plan must be developed and documented.
Risk Monitoring is the process that systematically tracks and evaluates the performance of risk handling actions against established metrics throughout the project. Risk monitoring is not a problem-solving technique, but rather a proactive technique to observe the results of risk handling.