GATTA - Goodacres Twin Towers Tenancy Association - GATTA

                TIMP XXII : Tenancy Impact Mitigation Plan : XXII TIMP

                                       STARLIGHT 5-PAGER : FULL SIZE IMAGES : 5-PAGER STARLIGHT

                        THE MITIGATION IMPACT PLAN - General Intent - THE MITIGATION IMPACT PLAN

It can’t be denied - the fact - that every business comes across a new risk every now and then. These risks can severely affect critical data and their daily work.

But that doesn’t mean the developer can’t handle these risks at all. With careful planning, all issues can be easily treated such risks and reduce their impacts considerably.

This is where mitigation plans come in.

A mitigation plan will help you anticipate risks that may affect your firm and direct you in responding to them.

Let’s just take the recent covid pandemic as an example, that was a risk that was unprecedented but most firms have tackled it and smoothly transitioned today. And these mitigation plans were to create a remote workforce and use tools that foster remote collaboration culture and make it an efficient process.

Just like that, mitigation plans help reduce the impact of any risks that your business might or is already facing. So let’s learn how you can create a plan for your business…

​

Step 1. RISKS IDENTIFIED 

Consider all kinds of risks but internal and external. This can be something as simple as an operational conflict or something as immense as a natural hazard.  Factor in all such possibilities, and list them all down.

Step 2. RISKS ASSESSED

Now that you (the developer) have laid down all the potential risks, assess them. Quantify the level of risk that would arise and how detrimental they can be.

Risk assessments will involve the measures, processes, and controls to reduce the impact of risk.

Step 3. RISKS PRIORIZED 

The next step after quantifying the risks is to rank them in terms of severity.

Prioritize every single risk, then all your mission-critical business operations will take a hit.

That’s why establish an acceptable level of risk so that not all of your teams end up working on the mitigation plans.

Step 4. RISKS MITIGATED

There are many ways you / developer can reduce the impact of these risks, based on their severity, here are a few options:

• Assume/Accept. Create a proper understanding of risks and their implications. Will it affect your budgets, project timeline? Is it arising from a reduced technical performance? After determining the severity choose “assume/accept” if the risk is heavily impactful on your business.

• Avoid. Once you develop an understanding of the implications of risks if you deem a risk to not be detrimental or having a huge impact on your business, avoid mitigating it. Also, if a risk is beyond your control like, avoid spending time on it.

• Control: Now that you know which risks need to be mitigated, analyze them even further. How can you help reduce their impact? Help control risks by performing analyses of various mitigation options. Check out previous solutions of how such risks were handled, in your business or your industry, that may help out, And with a precise idea in mind, devise a plan.

• Transfer: If you think risk cannot be handled by your business, transfer it, Reassign accountability, responsibility, or authority for a risk area to another organization, someone with clear expertise in the field. But remember, transferring risks to another organization can result in dependencies and loss of control that may have their own complications.

Step 5. TENANT MITIGATION IMPACT PLAN 

First & foremost is to find an appropriate mitigation manager. He/she must have the knowledge, authority, and resources to implement the plan. They may also have to come up with the mitigation strategy and determine the tools and actions needed to make the plan a success.

Ask these questions to help you curate your mitigation plan:

• What actions are needed?

• When must actions be completed?

• Who is the responsible action owner?

• What resources are required?

• How will this action reduce the probability or severity of impact?

Step 6. CONTINGENCY MITIGATION PLAN

Risks are unpredictable and there may be a chance that your plan fails. At such times, you may have to develop a contingency plan or a “Plan B” to fall back onto.

Step 7. MITIGATION MONITOR

Once a risk has been identified and a plan put in place to manage it, there can be a tendency to adopt an auto-pilot mode. Resist that inclination. Revisit the basic assumptions and premises of the risk. Check how your plan has reduced the impact or if it has been futile. And if it has worked even before the scheduled time, redirect those mitigation resources to where is necessary.

                                                               FULL SIZE IMAGES