Getting Started with Risk Management

On a global scale, risk can be thought of as any event that will affect the desired outcome of a project, program, organizational goal or other initiative. Risk can manifest itself in two ways: as a threat and as an opportunity. Are you looking out for both

Getting Started with Risk Management

Early identification of risk is one of the key planning components for any work that you do. With careful planning most risks can be identified before you begin the work. Here are some tips for getting started:

1. Ask your staff, a great internal knowledge base, for lessons learned from past development and project work. Dig into documented past work and pull out the risks that had unintended effects on your intended outcomes.
2. Write it all down in a risk register. The risk register is a concise list of project risks in which you have not only identified the risks, but also categorized them, identified who is responsible for them, and what plan you have to either reduce (threats) or exploit (opportunities) them.
3. If you work with with an outside vendor, ask if they provide a full risk management plan for your project. Experienced consultants will work with you early in the process to identify risks and opportunities throughout your project lifecycle.

Click here to download a sample risk management spreadsheet.

 

All organizations experience risk, but if you identify, plan for and mitigate it, your organization will gain a competitive edge in moving your mission forward. Contact us for more information about risk management through your next project. Heller’s team of experience project managers understand where risks appear and how to minimize the threats and maximize the opportunities they bring.