The aim of this workshop is to provide tools and insights on how to address the inherent risks of any project and how to address this to your application. We will deep dive into the Risk Register:
- What is it and why do I need one?
- Format and approaches of different Risk Registers
- What risks should be included and where to get this information
- How to use a Risk Register as an on-going reporting tool
Navigating the Deluge_ Dubai Floods and the Resilience of Dubai International...
Women in Innovation - Risk Register: What Could Possibly Go Wrong
1. www.ktn-uk.org
Emma Fadlon PhD – KTM Investment
Neil Calder – CEO, Engineered Capabilities Ltd
Workshop 3
What could possibly go wrong?
16th September 2021
2. This award is for innovators looking to scale up and grow their innovative company or
looking to carry out an innovative project.
Aim to provide you with insight and tools on how to address Question 9 Appendix “Risk
Register” of the application. We will discuss:-
• How to break down the risks associated with the activities you propose to undertake in
the 12m into costed “Work Packages”
• How to prepare a Risk Register, what risks to include and how to use this as an ongoing
project management and reporting tool
• What to consider if you are dependent on external parties.
Q&A
Workshop Agenda
3. 3 Sections
1. Application Questions
2. Video Pitch
3. Finances
Don’t leave it till the last minute!
Closing: 13 Oct 2021; 11am
Read the guidance and questions - make bullet points, key words, capture initial
thoughts, identify gaps
Give your self enough time to review before you submit
Application Structure
4. Like all exams, the keywords and answers
are contained in the questions.
A lot of technique for individual Qs but also
requires a compelling narrative.
Essentially:
• 5 scored questions Q6-10 (+ appendices)
• Fixed time and word count (variable)
• What impression will you make…
It’s an exam
and a story…
5. Project Summary
Please provide a short summary of
your project. We will not score this
summary. (400 words)
This is the first thing they read. They
need to read it and say: ‘wow!, I get
this and I like this’
… when you
include the
‘Economist’ editorial style.
9 word sentences, active tense.
Top tip
6. Please describe your project in a
way that is understandable to the
general public.
• This is only published if successful
• Mandatory, but the text will not be
assessed
• 400 words
Public
Description
7. How does this application align with
the specific competition scope?
• Read the scope first when looking to
apply for a competition
• Avoid being rejected before
assessment
• 400 words
Gateway
Question (Scope)
9. Assumptions (see Workshops 1 & 2)
1. You have identified what your innovation and how it fits into the business
2. Outlined your “Work Packages” associated with the project
3. You have identified any interdependencies (Gantt Chart)
a. Use of a tool such as a Gantt Chart
b. Agreed time frames with or have estimates from any external suppliers (resource
requirements)
https://apply-for-innovation-funding.service.gov.uk/competition/974/overview#eligibility
https://ktn-uk.org/news/women-in-innovation-2021-frequently-asked-questions/
https://ktn-uk.org/events/my-innovation-describing-what-i-am-applying-for/
https://ktn-uk.org/events/women-in-innovation-project-planning-how-to-package-my-project/
Starting Point
10. AIM
Objective 1
R&D
Task 1.1 Task 1.2
Objective 2
R&D
Task 2.1 Task 2.2 Task 2.3
Objective 3
Personal Dev
Task 3.1 Task 3.2
Deliverable 2
Deliverable 1 Deliverable 3
The Hierarchy of Project Work Packages (WP)
Title: brief and informative
Objective: how it links to the
overall objectives
Tasks: a description of tasks
and how they will be done
Outcome: what will happen
when this research is
completed
Deliverable: of the specific WP
Milestones: of specific WP
Collaborations or subcontracts
Specific Resources
Risks
Milestone 1 Milestone 2 Milestone 3 Milestone 4
11. Gantt Chart
Work Package T1 T2 T3 T4
WP1 Name
T1.1 - Title
T1.2 - Title
WP2 Name
T2.1 - Title
T2.2 - Title
T2.3 - Title
WP3 Name
T3.1 - Title
T3.2 - Title
WP4 Name
T4.1 - Title
T4.2 - Title
Deliverable D1 D2 D3 D4
Milestone M1 M2 M3 M4 M5 M6
Key Activity A1 A2 A3 A4
Visualisation of WPs
Link Tasks
Time Lines to show
dependence
Use to build a Risk
Matrix
13. An uncertain event that may or may not
occur during a project
Can have either a negative or a positive
effect on progress towards project
objectives
What is a Project Risk?
15. It is a table that that lists:
• Risks by category
Ranks risks by:
• Probability
• Impact
• Rating
Has a mitigation plan
Identifies an owner
What is a Risk Register?
16. What risk categories could you include? There will be a mixture of internal and external drivers
ØTechnical
ØManagement
ØCommercial
ØEnvironmental
ØLegal: IPR, Legislations,
ØPolitical
Think about?
• supply chain, human resources, access to facilities
What to Include: Categories
18. Execution Risks
• What will stop you from conducting and or completing the project?
Performance Risks
• What will stop the idea working?
What is going to keep you awake at night?
What to Include: What is stopping you from doing it right now?
19. The doctrine the MoD taught me
FACTOR
DEDUCTION
TASK?
CONSTRAINT?
IDENTIFYING & MITIGATING RISKS
20. 3. Examples of Risk
Registers
Quantifying the impact of risks to your project
21. “Work Package” Risk Register
Description Description Type Risk
before
Mitigation
Mitigation Risk After
Work Package 1 Describe activity/task
and what the associated
risk is
e.g. delay in delivery of
software from the
subcontractor
External
Technical?
M Have a
proof of
concept
as a back
up
L
Work Package 2 Can not recruit
technician by month 5
Management H Contract
externally
M
Do not get UK
Conformity Mark
approval by month 12
Legal H Work with
a RA
consultant
L
22. Simple “Ranked” Risk Register
Risk Description Probability
1-5
Impact
1-5
Mitigation Status
Open/Closed
Delay in delivery of software
from the subcontractor
1 = Unlikely 1 = No impact Have a proof of
concept as a
back up
Can not recruit technician by
month 5
2 = Possible - 2 = Limited Contract
externally
Do not get UK Conformity Mark
approval by month 12
3 = Possible + 3 = Noticeable Work with a RA
consultant
4 = Probable 4 = Significant
5 = Certain 5 = Critical
24. “Detailed” Risk Register: Part 2 Features
ID
Risk
Description
Impact
Impact
Level Probability
Priority
Level
Mitigation Owner
1
T1.1 Commercial Description 1-5 1-5
Impact x
Probability
2
T1.4 Management 5 5 25
3
T2.1 Technical 5 1 5
4
T2.4
Environmental
Societal
1 2 2
5
T3.5
Legal
(IP/National)
3 3 9
25. Reporting using a Risk Register: Part 3 Monitoring
ID
Risk
Description
Impact
Impact
Level Probability
Priority
Level
Mitigation Owner Status
Open/
Closed
1
T1.1 Commercial 1-5 1-5
Impact x
Probabilit
y
2
T1.4 Management 5 5 25 O
3
T2.1 Technical 5 1 5 C
4
T2.4
Environmental
Societal
1 2 2
TAKE
ACTION
O
5
T3.5
Legal
(IP/National)
3 3 9 O
28. Project Plan & Gantt Chart
• Root cause analysis/ Check list analysis
• Assumption analysis (yours and of the quality of data)
Market Prioritisation: PESTLE Analysis/Market Sizing/SWOT
Market research and validation
• Interview stakeholders
• White papers, publications
• [Upcoming] Legislation (Hansard)
• National/international trends (social/political)
Tools to help you identify project risks
29. Top Tips
Fit Scope Agree key points with
partners
Be clear and
concise
Make a realistic
plan
Be convincing
Remember risk
and innovation
Quantify and
justify assertions
Check all
deadlines
Get advice and
feedback
Don’t leave it too
late to ask Q and
submit
1 2 3 4 5
6 7 8 9 10
31. Sign up for
KTN
newsletters
Sign up to receive monthly KTN newsletters about funding and
other innovation news by sector/tech area ktn-uk.org/register
32. Small print …
… will kill you!
Scope. If in doubt, check with
lead technologists at Innovate
UK. Use the competition help.
They are helpful.