10 Tips for a Full Risk Management Process

Sunday, November 15, 2015, 6:00 AM | Leave Comment

Risk Management is a subject most project managers don’t enjoy dealing with and paying for but it needs to be elevated to mandatory status.

Decide today to make risk mitigation a part of your project’s healthy habits.

Make sure you, as project manager, take the role of risk management and that these issues are closely assessed on no less than an annual basis.

The following ten tips will help you to perform risk management more rigorously and effectively for your project.

10 Tips for a Full Risk Management Process

  1. Plan for risks

    Create a Risk Management Plan to ensure that describes how you will identify, analyze, respond to and monitor project risks.

  2. Perform Risk Reviews

    These reviews are meetings between key members of the project team to monitor and control risks within the project. At each review meeting, the current risks should be assessed and any new risks will be raised for consideration.

  3. Use Risk Forms

    Every time you identify a new risk within the project, you should document it by completing a Risk Form. This form helps you to fully describe the risk and rate its likelihood of occurrence and impact on the project should it actually eventuate.

  4. Identify the Risk Priority

    For each risk raised, you should calculate the overall priority of the risk by summarizing the likelihood and impact rating scores previously assigned.

  5. Create a Risk Register

    The Risk Register (or Risk Log) contains the actual risks of your project. By recording the details of all risk forms in a Risk Register, you will be able to monitor and track risks and their priorities quickly and easily each week.

  6. Report High Level Risks

    You should report all high level risks to the sponsor to ensure they are kept fully informed of the overall risk status of the project. This also helps them to share in the ownership of key risks which may severely impact the project.

  7. Assign Risk Actions

    Once each risk has been reviewed and its priority determined, you should assign the actions needed to avoid, transfer or mitigate it. Each action identified should be assigned to a project team member to carry out.

  8. Monitor Changes

    Many risks change in nature over time. Make sure that you review the status of each risk weekly to ensure that it has not suddenly increased in priority and need urgent attention.

  9. Share the Work

    Make sure that you gain the full buy-in of all of your project team members to help identify, monitor and control risks successfully throughout the project.

  10. Assign Risk Roles

    Identify and list the responsibilities of team members, Project Managers and the Project Board for managing risks within the project.

There you have it! By using these top ten tips, you will improve risk management within your project and increase your chances of success.

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This column is © copyright to www.Method123.com and originally appeared in their weekly project management tip newsletter.

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