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Data SpecialistBM 04: Risk Management

1e-COMMA | Data Specialist| BM 04: Risk Management

Data Specialist| BM 04: Risk ManagementTraining Contents1. Risk Management1.1 Basic concepts1.2 Risk management standards1.3 Risk management process1.4. Risk management strategies

2. Risks in Data Management2.1 Data silos2.2 Data inconsistency2.3 Loss of business2.4 Data loss2.5 Good data quality

3. Crisis Management3.1 Basic concepts3.2. Crisis management process


Sources and Further Reading

http://www.oncoreit.com/the-four-risks-of-ineffective-data-management/

https://www.moodysanalytics.com/risk-perspectives-magazine/risk-data-management/rethinking-data-management/strong-

data-management

https://www.theirm.org/media/886059/ARMS_2002_IRM.pdf

Nasser, B., Engen, V., Crowle, S., Walland, P. (2013). A novel risk-based approach for online community management At ICIW

2013. The Eighth International Conference on Internet and Web Applications and Services, pp. 25-30

The Community Roundtable (2017). The state of comunity management report

Veil, S.; Buehner, T.; Palenchar, Michael J. (2011). A work-in-process literature review: Incorporating social media in risk and crisis

communication. Journal of Contingencies and Crisis. Management. Vol. 19(2), pp. 110-22

Media and Community Crisis Communication Planning Template, NMA The American Resource

Cooper D.F., Grey S., Raymond G. (2005). Project Risk Management Guidelines. Managing Risk in Large Project and Complex

Procurements, John Wiley & Sons

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Data Specialist| BM 04: Risk Management

e-COMMA | Data Specialist| BM 04: Risk Management

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1 Risk Management


• a risk is a possible situation that could materially affect your operation (if itoccurs);

• in project management, a risk is some future event that happens with someprobability and results in a change, either positive or negative, to the project;

• risk management is a process that identifies loss exposures faced by anorganisation and selects the most appropriate techniques for treating suchexposure.

1. Risk Management1.1. Basic concepts


Standards in risk management

• ISO 31000 2009 – Risk Management Principles and Guidelines• A Risk Management Standard – IRM/Alarm/AIRMIC 2002 – developed in 2002 by

the UK’s 3 main risk organisations.

• ISO/IEC 31010:2009 – Risk Management - Risk Assessment Techniques

• COSO 2004 – Enterprise Risk Management - Integrated Framework

• OCEG “Red Book” 2.0: 2009 – a Governance, Risk and Compliance CapabilityModel

1. Risk Management1.2. Risk management standards

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https://www.theirm.org/media/886059/ARMS_2002_IRM.pdf


1. Risk Management1.3. Risk management process

Source: https://www.theirm.org/media/886059/ARMS_2002_IRM.pdf


1. Risk Management1.4. Risk management strategies

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Source: https://opentextbc.ca/projectmanagement/wp-content/uploads/sites/3/2014/06/risk-management-options.jpg



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Description Example

Avoidance Reducing the likelihood that risk willoccur

Risk that we will be late or over budget because we do not haveexperience community management. Avoidance technique: bring ina consulting expert with experience in this field.

Mitigating Reducing the impact that a risk willcreate if it occurs

Risk that the new online application will not receive the correct datafrom a client (calling application). Mitigation technique: creation ofexception processing to deal with these situations without crashing

Transfering Strategy Risk that your customers will not understand how to use yourproduct and will need support. Risk Transfer technique: set up alower-cost-per-hour Help Desk to provide support.

Accepting Deciding to accept the consequences(impact) of a risk if it occurs(documenting a risk and the decision toaccept its potential consequences areneeded)

Risk that using a new technology will cause more overtimedebugging and testing. Risk acceptance technique: using thetechnology and pressing the team to do the overtime work.

Responding to negative risk



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Strategy Description Example

Exploitation Ensuring everything is in place toincrease the probability of theoccurrence of the risk

Developing a project management team with most talentedstaff

Sharing Exploiting this risk is not possiblewithout collaboration

Subcontracting some tasks to a firm with technicalexperience to exploit the new opportunity

Enhancing Identifying the root cause of apositive risk so that you canmaximise its drivers

In order for you to get a business deal, your workforceneeds to have substantial negotiation skills. You canenhance the positive risk (opportunity) by training yourworkforce on this subject

Accepting Accepting a positive risk (newopportunity) without pursuing it

Discounted equipment or material costs

Responding to postitive risk


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2 Risks in Data Management


The amount of data is constantly rising. Especially in the field of e-commerce, an uncapable amount is collected for different reasons.This development is a great chance to marketing and commerce, stillit is an equally great challenge for business organisations.The easy access to all kind of data challenges their storage and theirprocessing. The following slides introduce the main risks concerningdata management and provide advices to maintain good data quality.

2. Risks in Data Management


The high amount of different data and the multiple ways to collectand to store it can lead to data silos.Data silos are isolated data collections. This is often due to the usage ofdifferent data management systems in different departments.

To prevent this risk, it helps to assure the compatibility of datamanagement systems within the organisation.The isolation of data collections prevents effective data managementand should be avoided.

2. Risks in Data Management2.1 Data Silos


Data inconsistency occurs when similar data is kept in different files. Asa result, data might be displayed as duplicated and the performance ofthe database management system may decrease.To prevent this risk, it is necessary to follow certain standards in datamaintainance, so that different departments do not collect similardata in different formats.One standard data management system within one organisation allowsaccess to data by different departments and assures compatibility.

2. Risks in Data Management2.2 Data inconsistency


A reliable Database Management System supports your organisation’smarketing and e-commerce business. A low performance of theapplications leads to failures and may cause a loss of business.

This may be prevented by thorough data management andstandardisation of data management applications.

2. Risks in Data Management2.3 Loss of business


One of the highest risks in Data Management is the loss of data. Anyorganisation needs to find a safe place to store and access the data.You need to know where the data is, you need access to the data andyou need to prevent unauthorised access.The loss of data may cause high costs, the loss of reputation and mayresult in fines. It must be prevented.

2. Risks in Data Management2.4 Data Loss


Good Data Quality highly depends on technology: most importantcriteria are: speed, scalability, reliability and adaptability.Good data quality is also affected by strong data governance. This isbased on clearly defined roles and responsibilities in datamanagement.Good data quality is assured by a reliable infrastrucutre, consistentdata and solid analytical technology.

2. Risks in Data Management2.5 Good Data Quality


2. Risks in Data Management2.5 Good Data Quality – Relevant Criteria

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Source: https://www.moodysanalytics.com/risk-perspectives-magazine/risk-data-management/rethinking-data-management/strong-data-management


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3 Crisis Management


• crisis is a sequence of sudden disturbing events harming the organisation. It can

be anything that can negatively effect a company’s reputation or bottom line;

• crisis management is the identification of threats to an organisation and itsstakeholders, and the methods used by the organisation to deal with thesethreats;• the first category of crisis relates to those events over which we have no control.

The second category contains all those events that might have been avoided had

we chosen to take the actions necessary to protect ourselves and the public (e.g.

BP oil spill).

3. Crisis Management

3.1. Basic concepts


3. Crisis Management3.2. Crisis management process

Step 1: Verify and

assess crisis

Step 2: Notifications and

Assignments

Step 3: Assess the

communication crisis level

Step 4: Communication

and management

Step 5: Develop and Provide Messages

Step 6:Monitor and

provide feedback

Source: Adapted from: Media and CommunityCrisis Communication Planning Template, NMAThe American Resource

Crisis Management Process


STEP 1: Verify the Crisis SituationThe first step is to determine what has happened (what, when, who, how, why), bycoordinating at the site of the incident and immediately identifying as many factsas possible:• WHAT happened and where?• WHEN did this happen?• WHO is involved?• HOW did it happen?• WHAT is currently being done?



STEP 2: Notification andAssignments• inform management team

about crisis;• start the procedure of

problem solving (see module:problem solving).

Source: https://www.ebrp.net/incident-management-vs-crisis-management/



STEP 3: Assess the Communication Crisis LevelMinimally intense Crisis attracts little or no attention.

Pre-event information requests are received.Public and/or media are virtually unaware of crisis.

Moderately Intense Crisis situation may/may not have occurred; the situation is attracting slow but steadymedia coverage.External stakeholders receive media inquiries.The public at large is aware of the situation/event but it is attracting very little attention.

Intense Crisis causes growing attention from local and regional media.Media contacts organisation for information about the crisis.In addition to the media, stakeholders and community partners are present at the site.Affected and potentially affected parties threaten to talk to the media.

Highly intense Media have immediate and urgent need for information about the crisis. One or moregroups or individuals express anger or outrage.Broadcast and print media appear on-site for live coverage.


STEP 4: Communication Management• schedule regular internal communication updates;• identify key audiences;• start crisis inquiry log from public and/or media;• select and/or assign spokesperson(s) (site and/or corporate).



STEP 5: Develop Messages• develop or refer to a list of questions that could be asked by a variety of

audiences (families, media, partner, organisations) about the crisis;• develop messages;• be prepared to address the company’s or the operation’s record for the relevant

crisis situation;• identify the best methods for delivery of key messages;• monitor the crisis and update messages based on the crisis.



STEP 6: Monitor and Provide Feedback• review media that have inquired about the situation;• conduct regular searches through Internet search sites for key words;• monitor blogs, comment boards or chat sites to assess community/employee

concerns/comments;• during the crisis and afterward, lessons learned (e.g. what types of messages are

needed, what approach the media takes to a certain type of story, what themedia, public and shareholders are asking, etc.).



Source: https://visual.ly/community/infographic/business/crisis-management-practice-principles

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PRE-CRISIS• you may realise that some of the situations are preventable and begin to think

about possible responses, about best-case/worst-case scenarios, etc. Betternow than when under the pressure of an actual crisis;

• you need to be aware of what is said about by your employees, customers andother stakeholders;

• set up alert for brand/category/competitors by tracking crisis keywords.



CRISISConfirm RESOLUTION and ACTION: neutralisenegative discussions, personal contact, threadsdeletion, crisis SEO etc.

Source: http://www.younetmedia.com/crisis-management



POST-CRISIS• collect and analyse data;• use the result of analysis to solve the problem (see module: problem

management);• keep communicating with stakeholders;• still monitor stakeholders reaction and be preperaed that crisis may come back

anytime.



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