Risk Management

How to Mitigate These Organizational Risks: 5 Tips

To make a project successful, the project managers must first mitigate organizational risks. You can avoid some while others you must confront headlong. In this article at Project Times, Sean Lowe discusses how you can mitigate these organizational risks.

Preparing for the Ticking Organizational Risks

The organizational risks can crop up anywhere—management, policies, internal politics, or all of them. Project managers usually do the thankless job of eradicating all the ticking risk bombs from the path of the project. Following are the risks you come across and how you can mitigate those:

  1. Knowledge of Risk Management: Your sponsors and stakeholders might not be as knowledgeable as you are regarding risk management. They might think that setting aside time for a risk management plan is a waste of valuable time, money, and energy. However, the stakeholders need to understand why it is necessary to mitigate the risks before your team moves on. Educate your sponsors about the risks and they might invest a bit more on the risk management front. You can talk to the in-house audit team to help educate and spread awareness.
  2. Insufficient Risk Details: Usually, a team sits together to figure out the risks they might run before the project starts. With an increasing number of teams having global talents, you might have to do with email suggestions at odd hours. Create a template and share a sample of how the template should be filled with your team. Have a meeting in the overlapping hours.
  3. Irregular Risk Monitoring: New risks can crop in the project lifecycle for which you have not prepared a mitigation plan. So, have someone monitor risks regularly. There should be a risk owner and your team members must be ready to take accountability for risks. It does not have to be a one-man job. It should be a team effort to address these problems. Clear the goals for your team and create a culture to update and monitor the risk register regularly.
  4. No Record of Past Risks: Though companies perform risk assessments, the majority of them do not have a repository of past risks. However, they must document these problems so that it can come in handy. Talk to your audit team and ask them to start archiving them for later use and research.
  5. Immature Parameters for Successful Risk Mitigation Programs: Does your company think that the risks go away if you follow corporate policies? Unfortunately, yours is not the only company that feels so. Risk programs must be based on reality and tied to the company goals rather than the policies.

To view the original article in full, visit the following link: https://www.projecttimes.com/articles/diffusing-organizational-risk.html

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