Risk Management Framework

Project 1

Stage 1 Understand Business Context
○ Have a discussion as a group on the name/nature of the software product and the company.
○ Analyst extracts business goals, priorities (at least 3 goals)
○ Analyst summarizes the system in text or diagram
○ Analyst determine any technical, management, and operational controls that the project currently as in place to detect or prevent software risk

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-> PayPal / e-commerce payment /
Software name: HanAbbTea

Choose the e-commerce payment software like PayPal or google pay for this project. The e-commerce payment software supports online money transfers alternative to traditional paper methods like checks and money orders. It is responsible for the transactional tasks between sellers and buyers of the physical products or services over the internet.

The goals of these e-commerce payment software are supporting fast, safe but easy, and credible transactions. First goal is supporting fast transactions. Let’s assume that you bought a game, and you want to play it as soon as possible. We can say that online transactions software is a bridge between buyers and sellers. In that sense, if the transaction is slow, it results in sellers to confirm order late, and it delays the delivery. So the fast transaction is important. Next, it should detect the possible frauds and identify the suspicious transactions. At the same time, to provide better payment experience the payment process should be easy. At last, the amount of money to be paid and actual payment should be accurate.

● Stage 2 Identify Business and Technical Risks
○ Analysts develop a list of questions related to business risks, project risk, product risks, refers the textbook or presentation for details.
○ Interview the manager and software developer of the RMF team.
○ List and rank the business goals using a table. You may use spreadsheet for these tables.
○ Describe business risks using a table
○ For each business risk. find the business risk indicators and likelihood of occurrence, estimate the cost and severity. Record the result in a table
○ Analyze Software Artifacts. Identify technical risks (at least 3). Categorize likelihood of occurrence, and business impact. Record the result in a table 
● Stage 3: Synthesize and Rank Risks
○ Create goal-to-risk relationship, produce a table similar to
○ Assess technical risks severity and present the result in a table
● Stage 4: Define Risk Mitigation Strategy
○ Define risk mitigation strategy. Weigh risk mitigation methods against effectiveness/cost/risk coverage/impact.
○ Generate recommended Risk Mitigation Methods, document results in a table.
○ Generate a complete validation plan. For more information on Risk Management Framework see this: https://www.britannica.com/topic/risk-management

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