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A better world through a systems approach

The materials presented here are the professional opinions of the authors and do not necessarily reflect the opinion of INCOSE. Use of these presentations are limited by the author’s copyright. Contact information for the authors is usually found in the presentation or video.

Webinar 16:00 UTC:"Radical Risk Identification, moving Risk Management into the 21st Century"

INCOSE Webinar: "Radical Risk Identification, moving Risk Management into the 21st Century"
Date: 18 March 2015
Time: 16:00 UTC/ 11am EST
Presenter(s):Laurie Wiggins
General Webinar Details: Webinar 73

According to the INCOSE SE Handbook, risk management is a process ‘used to understand and avoid the potential cost, schedule and performance (i.e., technical) risks to a system; to take a proactive and structured approach to anticipate negative outcomes and respond to them….’ Known and unknown risks can impact projects significantly if not addressed. If risks are not identified, they cannot be addressed. If a risk costs $1000 to address early in a project, studies show that cost can increase to $300,000-$500,000 later in the project when hardware, software or both must be modified. Program risk identification is usually an ad hoc, non-comprehensive exercise. An extensive analysis of hundreds of programs has revealed a common set of program risks. By evaluating projects with a standard set of risks, projects can significantly reduce the monies required to address known and unknown risks. A risk management survey performed by Sysenex also provides information about how companies perform risk identification and risk management today.
Laurie Wiggins has over 25 years of experience in systems engineering, program management, and business development. A 19 year veteran of The Boeing Company, she held leadership positions on several successful development programs including Space Station Freedom, the Sea Launch launch vehicle and satellite accommodations, flown space experiments, US air traffic control systems and software systems. Her past endeavors include establishing a space payload services firm, ToSpace.
Since leaving Boeing, Laurie has consulted for several years in the aerospace, IT, and environmental industries. Laurie established Sysenex in 2010 to provide systems engineering services to commercial and government customers. Her vision is to help companies to be more successful by leveraging the power of systems engineering. Program Risk ID, a software tool, brings that vision into reality by helping program personnel help themselves to discover program risks for greater program success.
According to the INCOSE SE Handbook, risk management is a process ‘used to understand...