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Residual risk

Residual risk tracking is an important aspect of a good risk management process. The Risk Register add-on for JIRA maps both original (inherent) risk and residual risk onto the risk matrix, making it easy to see the effects of your treatment plans.

In this post, we'll see how you can get residual risk to display in your risk matrix.

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Risk scores

The Risk Register add-on for Atlassian JIRA lets you record project risks, and assess them according to impact and probability. Recently, one of our customers asked about assigning a "risk score" to each risk; that is, a numeric value representing the severity of the risk. This blog post explains how to achieve that with Risk Register.

First, we need to cover some background information about how the Risk Register add-on works. The add-on incorporates a "risk model", representing the way your organization maps impact and probability levels to risk exposure.

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Using sub-tasks with risks

One of our customers asked this great question:

"After I find and want to document a risk, I would like to say that the risk is going to be mitigated by the team, but would require say these three linked stories. How could I engineer it to say that this is accepted as mitigated, but not fully mitigated?"

In essence, we need two things:
a) a way to express the implementation of our treatment plan; and
b) a way to express the completion of our treatment plan.

We'll start by adding a new step to our Risk Workflow. Let's call it TREATMENT COMPLETE, and create a 'COMPLETE' transition from TREATED --> TREATMENT COMPLETE.

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Risk Register updates for JIRA 6.x and JIRA 7.x

New updates of Risk Register have been released, covering all versions of Atlassian JIRA from 6.3 onward.

The update for JIRA 6.x brings all of the latest improvements released earlier for JIRA 7 into the JIRA 6.x platform: the ability to customize the risk matrix in terms of row and column names, and the size of the matrix in both dimensions; the ability to display exposure values in search results; the ability to filter search results by exposure value(s); and the ability to see 'behind the scenes' with the new Manifest feature.

The update for JIRA 7.x improves the user experience when adding new risk registers to JIRA projects; and it fixes a bug that caused exposure values to be blank when viewed inside of Confluence pages.

Both updates are available right now from the Atlassian Marketplace.

Risk Register 3.0 Released

ProjectBalm, a provider of project management software solutions, is pleased to announce the release of Risk Register v3.0. This release is compatible with JIRA v7.

This new version enables users to fully configure the risk matrix. Users can specify the dimensions of the matrix, what labels should be used for probability and impact levels, and what colour and label should be used for each cell. With v3.0, Risk Register is now offering a feature set comparable with those of much more expensive products. Risk Register has been very well received, and is currently the highest rated risk management tool in the Atlassian marketplace.

Risk Register assists project management professionals in the effective identification, analysis, treatment and monitoring of project risks. Risk Register automates best practice risk management techniques, and does so via an elegant, usable interface. It is suitable for seasoned risk management professionals as well as beginners. If you are new to risk management, our world class documentation will take you through the whole risk management process, using simple and fun examples.

Studies have shown that the use of risk management techniques lead to better project outcomes. Risk Register will help you take back control of your project, and meet your time, budget, scope and quality targets.

Click here to download Risk Register today

Mint Security and ProjectBalm announce partnership

Helsinki, Finland and Sydney, Australia - March 23, 2016

Mint Security, a 2015 security and risk management startup from Finland, and ProjectBalm, a provider of project management software solutions from Australia, will work together in the Finnish market to provide a lean and agile risk management solution. The risk management solution, Risk Register, is a plugin for the increasingly popular, cost-effective and extremely customizable JIRA-platform by the Australian based company Atlassian.

"We were looking for some serious competition to the bloated and highly expensive risk management software packages around. My personal experience with JIRA over the years has been a joyride, so it was quite natural to look into that platform", says Thomas Malmberg, founder and CEO of Mint Security. "Very soon it became apparent that there was no need to reinvent the wheel, and that there was an excellent plugin available to do just what we were looking for."

"We are very happy that our software is reaching a global market, including Finland", says Craig Schwarze, Product Director of ProjectBalm, "We want to provide excellent service to our customers, wherever they are. Our partnership with Mint Security will strengthen our growing presence in Europe. We are delighted to recommend Mint Security, a company with solid enterprise and substantial risk management experience, to customers looking for the very best results."

Thomas continues, "Our business is security and risk management. Risk management is not a stand-alone operation and cannot be treated as such. Our view is that enterprise risk management has to integrate with incident management, audit management and the security effort as a whole. Therefore, a solution based on JIRA which we can expand and add components to, without limits, is the only way to go".

Risk Register is currently the highest rated risk management tool on JIRA. Using the Risk Register plugin as a backbone, Mint Security has developed a solution catering for risk management, incident management and audit management customized for the financial sector. Thomas explains that using the financial sector as the starting point for the solution was a given. "Our background in the financial sector gave us good insight and that allowed us to scale the requirements high enough. Of course given the agile platform and our lean mindset, we scale the solution in a cost-effective way for small and mid-sized businesses as well".

Four Stages To Project Risk Removal

As a project progresses from an idea sketched on a white board to a preliminary plan and into a full-fledged project management plan with a schedule and all the bells and whistles, it will gather risks around it like moths gather around a light. Risks will pop up during every phase of the project.

Even the most well-prepared project manager on the most well-planned project will end up dealing with risks. How it affects the project, though, is determined by how well the team deals with those risks.

The best way to deal with risks is to remove them from the project in one way or another. Removing risks can help the project proceed without the distraction and the extra work entailed in dealing with risks left to their own devices. Dealing with any risk involves four key phases. (more here)

Risk Register 2.0 Released

ProjectBalm, a provider of project management software solutions, is pleased to announce the release of Risk Register v2. This release is compatible with JIRA v7.

Risk Register assists project management professionals in the effective identification, analysis, treatment and monitoring of project risks. Risk Register automates best practice risk management techniques, and does so via an elegant, usable interface. It is suitable for seasoned risk management professionals as well as beginners. If you are new to risk management, our world class documentation will take you through the whole risk management process, using simple and fun examples.

Studies have shown that the use of risk management techniques lead to better project outcomes. Risk Register will help you take back control of your project, and meet your time, budget, scope and quality targets.

Click here to download Risk Register today

3 Ways to Ensure Your Project Meeting Is Worthwhile

From time to time, everyone will find themselves planning for and conducting some sort of meeting, right? Who hasn't led a meeting before? Raise your hand. Thought so. And for project managers, that can be something that occurs several times per week. For certain, we should be conducting formal weekly meetings with the project client. We should also be conducting weekly internal team meetings. (more here)

Risk Register by ProjectBalm

ProjectBalm, a provider of project management software solutions, is pleased to announce the release of "Risk Register", a risk management tool designed to work in conjunction with Atlassian JIRA.

Risk Register will assist project management professionals in the effective identification, analysis, treatment and monitoring of project risks. Risk Register automates best practice risk management techniques, and does so via an elegant, usable interface. It is suitable for seasoned risk management professionals as well as beginners. If you are new to risk management, our world class documentation will take you through the whole risk management process, using simple and fun examples.

Studies have shown that the use of risk management techniques lead to better project outcomes. Risk Register will help you take back control of your project, and meet your time, budget, scope and quality targets.

Click here to download Risk Register today