Risk Management

How to Respond to Your Risks from Different Angles

The best type of medicine is preventive. Everyone fundamentally knows that it is easier to tackle a problem in its beginning stages rather than waiting until it becomes a full-blown catastrophe. If you feel yourself starting to get sick, you will take medicine so you do not get knocked out for a week. In a post for The Project Risk Coach, Harry Hall elaborates on how to utilize this mindset with risk management.

All Better

The best time to tackle a risk and prevent it from growing out of control is to catch it during its beginning stages. There are a plethora of preventive measures you can take in order to prevent risks from escalating. For instance, you can hire skilled employees from the beginning, and have established, well-conceived succession plans ready in the event of an employee leaving. You can use maps to improve business processes, and you can have business continuity plans in place. Additionally, some other simple ideas include training users, using software to diminish technology risks, always reviewing contracts, and having a plan for cyber-attacks.

Project risks are just as threatening as technology risks, and should be handled in a similar fashion. In order to address project risks, you can:

  1. Establish a business case for why each project is needed.
  2. Ensure that projects align with company goals.
  3. Clarify purpose and goals early.
  4. Involve stakeholders early and consistently.
  5. Communicate frequently with any and all stakeholders.
  6. Identify the most significant risks and prioritize.
  7. Perform post-reviews once projects are actually completed.
  8. Use metrics to see if the project completed its goal.

If you fear that a specific area or project may be posing a threat, take a step back and conduct an evaluation to determine what the risks are, and how to address them.

You can read the original post here: http://projectriskcoach.com/2016/04/10/how-to-respond-to-your-risks-from-different-angles/

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