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Process Risk is a factor that threats successful performance of a process (its timing, costs, quality of results and other success measures). Any process can face a big number of predicted or unpredicted risks while it is on the run. All process risks can be characterized by:
- Probability to occur;
- Severity of impact;
One of the distinctive traits of all business processes is a comparatively stable and controlled environment in which they are operated in a recurrent manner. This makes a predictability of risks connected to business processes much higher than for example when assessing a project’s risks. Process risks have the following traits:
- Comparatively small number (due to controlled environment);
- Good awareness about them, which gets improved with every process iteration;
- Possibility to improve process environment to reduce or eliminate some risks;
- Well-known methods and technologies for mitigation of the risks;
- Possibility to continually study and measure the risks to reexamine their probability and impact;
- Opportunity to design and continually improve the risks mitigation methods;
- All unexpected risks detected on a previous iteration can be isolated on a new one;
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