Risk Management

Risk is Not an Island

Risk managers have a tendency to become isolated. In the words of Kiron Bondale of PM Hut, they become like a porcupine at a balloon convention. Bondale offers five stages to help risk fit in with other priorities as the project progresses.

One – Find the Risk: If your department has a project, it has risk. Don’t let anyone forget this simple truth. Make sure that all project staff and management are risk aware. 

Two – Name the Risk: Risk needs to be baked into the project. Once you’ve located the risks, name them in your charter. Build them into the very fabric of your plans and objectives. Don’t let risk be the project wallflower at the IT dance. 

Three – Prioritize the Risk: The biggest risks ought to show up right in the budget – center stage with everything else. This is because severe risks create variable outcomes that may disrupt the project and interfere with your timetable.

Four – Track and Update the Risk: At this stage the risk register is the tool that will ensure a dynamic tracking of risk. Don’t let project pace or alternative concerns interfere with the mission of risk awareness. As risk changes, you must change your assessment of risk.

Five – Record the Risk: Be connected to the past as well. Isolating oneself in the present risk scenario can only provide so much information. Linking a decision about risk to previous assessments improves the likelihood of productive outcomes.

Read the entire post at: http://www.pmhut.com/risk-is-not-an-island

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