Identify potential risks for various projects along with the root cause analysis
Perform risk assessment, categorizing risks based on their potential impact on business parameters
Establish and maintain contingency plans and response mechanisms to minimize the impact of risks
Carry out periodic risk assessments to identify opportunities for improvements in processes, systems, transactions and operations
Develop and finalize comprehensive risk register outlining detailed action plans with mutually agreed responsibilities and target dates for implementation
Continuously improve risk management process by incorporating feedback and lessons learned from previous projects / industry best practices
Opportunity Management
Identify potential opportunities for various projects based on feasibility studies
Perform opportunity assessment, categorizing opportunities based on their potential benefits on business parameters
Collaborate with stakeholders to ensure effective implementation of identified opportunities
Regularly monitor the opportunity initiatives to measure benefits and effectiveness
Develop and finalize comprehensive opportunity register outlining detailed implementation plans with mutually agreed responsibilities and target dates for implementation
Stakeholder Coordination
Engage with project team and key stakeholders to identify and assess risks and opportunities at different stages of the projects
Collaborate with various stakeholders to develop and implement risk controls and opportunity action
Provide risk and opportunity management training to project teams, as needed, ensuring awareness and preparedness across all levels
Understand and align project activities with the organization’s risk and opportunity management planning
Documentation
Prepare, maintain and update the Risk and Opportunity Register on monthly basis for the business function, ensuring timely submission to the Corporate R&O Team
Prepare and communicate risk assessments, mitigation strategies, recommendations and action plans to project team and key stakeholders
Maintain a centralized database of the Risk and Opportunity Register
Prepare and communicate risk and opportunity management reports to key stakeholders, ensuring clarity and alignment with project objectives
Regularly monitor the effectiveness of risk and opportunities strategies and to identify emerging risks and opportunities to ensure proactive management