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Deltek Announces RiskBook, A Collaborative Cloud-based Risk Management Solution

Written By: Ted Rohm
Published On: July 15 2014

Deltek announces RiskBook, a new collaborative risk management solution that enables companies to create and manage risk registers using a consensus-based approach. The cloud-based solution eliminates the time-consuming and error-prone processes that plague project teams.

Project risk registers are often collected into a spreadsheet by a project manager who requests feedback from individual team members via e-mail, and then the risks must be rolled up into a project overall plan. Each stage of this process leads to delays, inaccuracies, or worse failure to collect the information from the key project team members.

RiskBook eliminates the manual processes that can be incredibly time-consuming—making it easier for experts to weigh in on cost and schedule risks and ultimately increase forecast accuracy through collaboration. RiskBook makes it easy to set up a risk register and obtain real-time feedback from all project team members. Risk votes are rolled up into a team consensus where scoring is collected and analyzed using templates that map back to a common template across the project. Team members can be assigned specific risks and provide mitigation strategies.

Being built on Deltek’s Kona enterprise social platform in the cloud, RickBook allows collaboration anytime and anywhere. “RiskBook eliminates the manual processes that can be incredibly time-consuming—making it easier for experts to weigh in on cost and schedule risks and ultimately increase forecast accuracy through collaboration,” states Namita Dhallan, executive VP of product strategy & engineering at Deltek.

RiskBook seamlessly integrates with Deltek’s Acumen suite of products. Organizations can use the power of Acumen Fuse to ensure a sound base schedule. Then they can tie the results from RiskBook into the Acumen Risk engine, which incorporates the probabilities and impacts of the risks into the project schedule and then provides a complete report on project risk exposure.

Dr. Dan Patterson, VP of product strategy for Deltek states that “While collaborative risk registers are far from being a new concept, the consensus-based approach that RiskBook is built upon is absolutely groundbreaking. For the first time, the voice and expert opinion of those that matter can be objectively incorporated into cost and schedule risk-adjusted forecasts.”

RiskBook is an example of how collaborative, social environments like Kona can be extended to offer targeted solutions to meet challenges facing organizations. Enabling collaborative risk management for project-based and services organizations is just the first of what will probably be similar offerings built on top of enterprise social platforms like Kona. Read this TEC Report for an in-depth look at Deltek Kona.
 
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