Risk Management Process from Kovair

Kovair Risk Management Process

Kovair Risk Management comes as a part of the package of the Kovair ALM Studio. It has an in-built simple process for managing potential risks of a Project. The Kovair Risk Management Process is constituted of seven sequential activities of Risk Management, and involves three roles: Chief Risk Officer, Risk Officer and Tester.

Given below is the pictorial representation of Kovair Risk Management Process.

Nodes	Assigned To (Role)	Description
Activity: Identify Risk Area	Chief Risk Officer	This is the first activity of Risk Management Process where the task generates for Chief Risk Officer to identify Risk Area like – Technical, Business, Market, Legal, Financial, HR, Admin, and Corporate. Chief Risk Officer selects any one area from the given set and completes the Task.


Activity: Assess and Prioritize	Risk Officer	The activity generates task for Risk Officer to assess and prioritize the identified risk. After successful assessment, the Risk Officer specifies a Probability Percentage against the Risk, and also sets its Severity.


Activity: Decide Preventive Action	Risk Officer	The activity generates tasks for Risk Officer to document the preventive actions for the Risk. In the application, Preventive Action is captured via multi-line text field. Preventive actions are effective before the occurrence of the risk.


Activity: Establish Corrective Action	Chief Risk Officer	The activity generates tasks for Chief Risk Officer to document the corrective actions for the Risk. In the application, Corrective Action is captured via multi-line text field. Corrective action needs to be implemented in the system to reduce the chance of a potential Risk.


Activity: Implement Corrective Action	Risk Officer	The activity generates tasks for Risk Officer to implement the Corrective Action in the system as specified by Chief Risk Officer.


Activity: Monitor and Track	Risk Officer	The activity generates tasks for Risk Officer to monitor and track the Risk based on its – probability percentage, financial impact percentage, and status (Identified, Evaluated, Occurred-Issue, and Closed). The value assigned against the status of a Risk determines further direction of the process. If status is set ‘Occurred-Issue’ the process generates task for Tester to lodge an issue against the Risk. Else the process moves to end.


Activity: Associate Issue	Tester	The activity generates tasks for Tester to record an Issue against the Risk. The Issue created by Tester, automatically gets linked to the Risk. After successful completion of the Task, process moves to its end.