What is Program Risk Management (PRM), and why is it important?

PRM services assist in unlocking the investments in programs. Services are designed to assess program/portfolio issues and risks and help improve efficiency and effectiveness. Scanning across the entire portfolio or doing deep dives of important programs, complexity, and risks of any programs, can be identified, and addressed using PRM. This enables proper decision making and assists in mitigating risks. PRM facilitates ongoing performance tracking of programs and projects, providing tailored solutions and ensuring comprehensive risk considerations.

What are the key components of an effective Program Risk Management strategy?

Key components include: Portfolio risk review and assessment performance monitoring Program/ project review and assessment Program maturity assessment Agile implementation and DevOps Program analytics and reporting

How does Program Risk Management improve project success?

It improves project success by providing services like project health check analysis, project gap assessment and review, project assessment and review, and program analytics, which help identify risks and develop the right mitigation plan to align with objectives, and enhance collaboration across all stakeholders. This comprehensive approach allow projects to be delivered on time and within budget.

How do you ensure compliance and risk mitigation in large-scale IT projects?

With Program Risk Management, EY conducts thorough risk assessments at the project's outset and throughout its lifecycle. This involves including stakeholders from various departments (e.g., legal, compliance, IT security) early in the project to gather insights and deeply integrate compliance requirements into the project plan. EY implements continuous monitoring of project activities and provides training for team members on compliance requirements and risk management practices.

What tools and methodologies does EY use for Program Risk Management?

EY employs methodologies such as idea screening, project portfolio analysis, complexity analysis, predictive indicator diagnostics, multi-dimensional cube risk analysis, decision priority analysis, and usage adoption analysis along with CX and Feedback Analysis. These tools help derive value from business solutions and technologies.

What are the financial benefits of implementing Program Risk Management?

PRM helps in cost savings from increased efficiency, avoidance of costly mistakes through informed decision-making, and improved turnaround time for project delivery.

Program Risk Management

Program Enterprise Risk Management services assist in unlocking investments in programs. The services are designed to assess program or portfolio issues and help improve efficiency and effectiveness. They enable portfolio scanning and deep dives into critical programs and projects, identifying complexities and risks for informed decision-making and effective risk mitigation.

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Key offerings from EY for Program Risk Management

Project portfolio risk maturity analysis and advisory: Evaluate the maturity of the project portfolio to identify strengths and weaknesses, providing tailored recommendations for enhanced management practices.

Business readiness and acceptance review: Assess organizational readiness for new projects, focusing on stakeholder engagement and resource availability to enable successful implementation.

Business support and operations function review: Analyze the effectiveness of business support and operations in relation to the portfolio, identifying areas for improvement to optimize efficiency and contribution to project success.
Project health check analysis: Conduct a comprehensive evaluation of project status, including scope, schedule, budget, and quality metrics, to identify risks and ensure alignment with objectives.

Agile gap assessments and review: Assess current Agile practices to identify gaps and provide recommendations for improvement, enhancing collaboration and project delivery effectiveness.

Benefit realization review: Evaluate whether anticipated project benefits are being achieved by analyzing key performance indicators and stakeholder feedback, enabling alignment with business goals.

Agile Program Risk Management: How to mitigate program risks in Agile projects? Implement proactive risk management consulting in Agile programs by identifying risks early, monitoring continuously, and developing tailored mitigation strategies for project resilience.
Agile maturity assessments: Evaluate an organization's Agile risk mitigation practices to determine maturity levels across dimensions like collaboration, process adherence, and delivery effectiveness.

Benchmark analysis against standard frameworks for Program Maturity Assessment: Compare the organization's Agile practices to established frameworks (e.g., Agile Maturity Model, Scaled Agile Framework ) to identify gaps and enhancement opportunities.
Agile methodology implementation and coaching: Assist organizations in adopting Agile methodologies by providing tailored implementation project success strategies and coaching.

Transition planning, cutover and support: Provide comprehensive transition planning and support to facilitate smooth changes within an organization.

DevOps: Our DevOps services integrate development and operations to streamline processes, enhance collaboration, and accelerate software delivery.
Program analytics: Apply analytical techniques to uncover trends and patterns, using descriptive, diagnostic, predictive, and prescriptive analytics for deeper project/program insights.

Dashboard and reporting: Create interactive dashboards and reports that visualize data, enabling users to monitor program and project key performance indicators (KPIs).

Performance monitoring: Facilitate ongoing program/project performance tracking with automated reporting systems that deliver timely updates on business metrics.

Why EY for Program Risk Management?

Global specialization

The global team of EY professionals brings deep industry insights and extensive experience in managing complex portfolio, programs and IT program risk projects across various sectors. This specialization allows EY to provide tailored solutions that address the unique challenges that organizations in different industries face.

Key benefits of risk management in projects

Industry insights: Professionals from EY have extensive experience in various industries, allowing them to provide insights and solutions that are tailored to the specific needs of each organization.

Comprehensive risk and compliance solutions: The firm’s integrated approach enables all aspects of portfolio and program risks to be considered, providing a comprehensive solution. It allows businesses to drive value from IT initiatives and improve their IT investment and cost performance.

Global reach: Global presence allows EY to provide consistent and high-quality services to organizations around the world, leading to effectively managed Program Risk Management service regardless of location.

Proven methodologies and tools- Why is risk monitoring important in programs?

EY employs established methodologies and tools for effective Program Risk Management. Utilizing risk monitoring tools like project portfolio management analysis, complexity analysis, and multi-dimensional cube risk analysis, the EY Program Risk Management team ensures value is derived from business risk analysis solutions and technologies.

Case study

Transforming project
management for a consumer
health client

Steps to implement a governance framework in projects

EY established a project governance framework for structured project approval and prioritization to allow consistent project management. Our team managed resource demand to align the right people with the right projects, preventing overallocation and underutilization. We also developed standardized templates for systematic tracking and reporting of project activities and demands.
Streamlined project and demand activities for cohesive workflows and enhanced portfolio visibility.

Delivered comprehensive reporting on project performance, progress, and risks, with real-time data dashboards for stakeholders.

Enhanced communication and collaboration within teams.

Implemented effective risk mitigation strategies through continuous feedback and monitoring.

Transforming Salesforce -
Centre of Excellence (COE) of
a large FMCG conglomerate

To define strategic management approach, to execute and control multiple projects across Salesforce platform

To create a mechanism to minimize the risks associated with new developments and program activities
Assisted in reviewing solution feasibility, requirement gathering and user stories finalization in co-ordination with the business platform teams

EY applied Program Risk Management capabilities to drive various Salesforce projects successfully through effective planning, execution and governance. This allowed the client to improve application time-to-market through emphasis on both resource optimization and risk mitigation.

The team assisted in monitoring implementation activities on time sprint closures and documentation of all artefacts on Jira and Confluence

The EY team monitored the deployment activities to ensure successful Go Live along with meeting the Post Go-Live Support entry and exit criteria

The team set up a robust governance mechanism around stakeholders or vendors and Project Management
Delivered projects worth value approximately €875,000 in a year, impacting 2,500+ users and interacting with 15+ cross-functional teams

Faster delivery and improved turnaround time as well as KPIs

Robust governance model set up for successful project delivery

Compliant with quality, standards and regulations throughout the program

Frequently Asked Questions (FAQs)

PRM services assist in unlocking the investments in programs. Services are designed to assess program/portfolio issues and risks and help improve efficiency and effectiveness. Scanning across the entire portfolio or doing deep dives of important programs, complexity, and risks of any programs, can be identified, and addressed using PRM. This enables proper decision making and assists in mitigating risks.

PRM facilitates ongoing performance tracking of programs and projects, providing tailored solutions and ensuring comprehensive risk considerations.
Key components include:

Portfolio risk review and assessment performance monitoring
Program/ project review and assessment
Program maturity assessment
Agile implementation and DevOps
Program analytics and reporting
It improves project success by providing services like project health check analysis, project gap assessment and review, project assessment and review, and program analytics, which help identify risks and develop the right mitigation plan to align with objectives, and enhance collaboration across all stakeholders. This comprehensive approach allow projects to be delivered on time and within budget.
With Program Risk Management, EY conducts thorough risk assessments at the project's outset and throughout its lifecycle. This involves including stakeholders from various departments (e.g., legal, compliance, IT security) early in the project to gather insights and deeply integrate compliance requirements into the project plan. EY implements continuous monitoring of project activities and provides training for team members on compliance requirements and risk management practices.
EY employs methodologies such as idea screening, project portfolio analysis, complexity analysis, predictive indicator diagnostics, multi-dimensional cube risk analysis, decision priority analysis, and usage adoption analysis along with CX and Feedback Analysis. These tools help derive value from business solutions and technologies.

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