JCEman: Risk and Mitigation Plan

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Initial Risk and Mitigation Plan

Risk Risk Description Cause Mitigation Plan Impact/Likelihood
Data accuracy Due to the inconsistent changes of interest rates, information that is captured on the portal might be inaccurately rendered at times.

Furthermore, different consumers might be offered a different rate according to their relationship with the bank, so it might be hard to ascertain the correct interest rates that are offered.

Data is collected through feedback from customers; hence, information received is not always accurate and needs verification from admin. Gather information periodically through calling of banks and administering the forum discussion by reading the latest post every few hours. An administrative staff will have to gather and confirm updated information with bank.

The site can start off with some information on the different interest rates, followed by feedbacks or comments provided by users. Subsequently, the administrative staff will have to check the reliability of the sources. Perhaps a statistical report can be generated based on the feedbacks of the users. Another solution is to push the mitigation plan for the 3rd risk to liaise directly with the banks to check.

No one is familiar with Drupal It would take time and a number of trials during the process of implementation the project. None of our team member has experience in using Drupal framework. We learn through reading of e-books, online tutorials, doing demo and sharing understandings with team members. We have meeting (online) every week to update and share with each other our understanding to have the same learning pace. Medium/High
Banks do not want to disclose information The banks are unwilling to disclose their information, and this might cause lack of data for the comparison of the financial products. It might also lead to lack in credibility. In a Banking industry where it is a cut-throat world, banks tend to withhold their information for the safety of their customer and for their competitive edge of their business. The initial plan is to gather required information from our clients.

We will try to convince banks to adopt the use of this portal, where we plan to showcase the benefits of this portal. Similarly, we can try to establish contact from relevant people who have information to banking services. For example, our clients, who have the consumers’ interest at heart and are willing to provide us with some data.

Limited understanding of finance and banking industry Certain terminologies used could only be understood in the industry, which may require us to research on sites that are related to the context of financial services. Although using banking service or bank products is very common these days, our team is not fully competent in terms of the financial field. In the learning phase of Drupal, we also read more on bank products, regulation of loan and others. In addition, with the facilitation of our clients, we can seek to gain enough knowledge to develop the site, within the shortest time. High/Medium
Laptop crash Laptop of one of our team members can crash (hardware or software) at any time and result in loss of mandatory part and delay of the whole project due to reformat/ repurchase and redo the lost part. There are many causes for this problem subjective or objective. Each member needs to always have back up of their works on a separate machine or remote storage.

The whole team need to at all times has the most stable version of the project so that they can acquire easily if any member’s laptop crashes.

Health risk/Personal excuses This is when any team member suffers from any health degradation that prevents he/she from doing the project for a period of time. The reason can also be family emergency or anything that cannot be done otherwise. There are also many causes for this problem subjective or objective. Each member needs to keep a record of their works as a progress record, so that other teammates can read and understand the progress of the member. In addition, we also have to comment our code so that the one who continue the coding part may find it clearer and easier to do. Medium/Low

Additional Risk and Mitigation Plan

Risk Risk Description Cause Mitigation Plan Impact/Likelihood
Evolving business requirements Client may though of new ideas during the course of the project and would like to see it being implemented Efforts in trying to make our website better than our competitors Define our time line with client and discuss the cost(time required) and benefits(value-add) of the new requirement to our website. High/High
User interface does not meet client expectation User interface designed by us might not be what our client expect Our interpretation of a nice UI might not be liken by our client Regular meet up with client to get evaluation and feedback on the user interface. High/Medium
Accidental use of code hacker's modules Drupal has many modules build by the community. There are cases of modules being built by code hackers which maybe malicious to our website Vulnerability for Drupal being an open source CMS Review the module's comments made by the community before using them. Regular check for security update Drupal modules. Medium/Low
Long learning curve to learn and get use to administrative tools Admin need time to learn how navigate to get tools that are tools that were made available by Drupal Drupal has steep learning curve User guide will be created during the transitive phase to guide future admin users. It will help user learn the website faster. Low/High