"If you can’t afford to mitigate the risk now, be absolutely sure that you can afford to resolve the problem later when it happens." from Universal Risk Management Final Report, Hall, D., Hulett, D.
Risk is defined as the effect of uncertainty on objectives (whether positive or negative). Risk mitigation is about the systematic reduction of the exposure to a risk and/or the likelihood of its occurrence. At CTO 24/7 we apply a framework of risk mitigation strategies to control risks in 3 primary areas:
For each of our services we apply various strategies to reduce the chance of an engagement costing more than expected, taking longer than expected, or not meeting the planned objectives. Some of the tools we use to do this are:
Client Focused Service Level Agreements
CTO 24/7 uses a client focused service level agreement (SLA) as a way of defining clear roles and responsibilities of both CTO and the client to deliver specified services under specified conditions. It establishes a common understanding about the level of service which can be expected in terms of availability, services, priorities, and responsibilities. In some cases, penalties may be agreed upon in the case of non-compliance of the SLA.
Service Level Agreements apply to: Software Development, Staff Augmentation, Recruiting, and Business Process Outsourcing
Performance Guarantees
CTO 24/7 uses performance guarantees to provide specific warranties on the work we do for our clients. We are so confident that our services will meet your high quality standards that we guarantee the performance of the work delivered for pre-determined periods of time following delivery. In order to ensure complete satisfaction, if something happens during the warranty period where a delivery does not perform to expectations, we define a course of action for correction or replacement.
Performance Guarantees apply to: Software Development, Staff Augmentation, Recruiting, and Business Process Outsourcing
Shared Risk Engagements
CTO 24/7 has created a shared risk engagement model enabling us to join with our clients to reach their specified business targets. These engagements add an additional level of insurance to the process by identifying one or more “risk areas” which are shared between us and our client. CTO 24/7 shares the risk of the implementation by incorporating penalties should we fail to achieve these specified business targets.
Shared Risk Engagements apply to: Software Development, Staff Augmentation, Recruiting, and Business Process Outsourcing
Process Visibility
CTO 24/7 uses a series of communication tools and monitoring schedules to provide a higher level of transparency and visibility for our clients. We define what we’re going to do, when we’re going to do it, how we’re going to do it, and why we’re going to do it that way. And then we monitor the processes and milestones to assure alignment with objectives. This visibility is a key component in how CTO promotes a higher degree of involvement from our clients and accountability to our clients.
Process Visibility apply to: Software Development, Staff Augmentation, Executive Level IT Leadership, Recruiting, and Business Process Outsourcing
Flexible Engagement Models
One size does not fit all. CTO 24/7 provides multiple engagement models to meet our clients’ individual needs. The variety of engagement models and delivery models enable us to work with each unique opportunity to determine the model, or combination of models, most appropriate for the work to be done. CTO can then craft the optimal method of working together that matches the client’s business goals with the appropriate results, risk and ROI.
Flexible Engagement Models apply to: Software Development, Staff Augmentation, Executive Level IT Leadership, Recruiting, and Business Process Outsourcing
Proven Expertise
CTO 24/7 has been helping clients obtain their software development and support goals while minimizing their risks for over twelve years and counting. During that time we’ve come to find what works and what doesn’t, so you don’t have to waste time figuring it out on your own or with a less experienced firm. As a Microsoft Certified Partner with over 150 engineers and project managers, CTO 24/7 offers extensive resources and experience in a wide variety of development environments and technologies. We’ve also developed one of the most complete set of services, all designed to effectively connect the technology to your business in a meaningful way and scale as you grow.
Proven Expertise applies to: Software Development, Staff Augmentation, Executive Level IT Leadership, Recruiting, and Business Process Outsourcing