Are you keeping track of your risk management initiatives? High market volatility needs sustainable business operations in an ever-complex ecosystem. In this article at PMWorld 360, Sylvie Edwards defines risk management’s fundamental principles to keep projects on track.
Multiple risks could be daunting, but once you learn to manage them by categorizing them into high, medium, or low, addressing them becomes easy. Some risks need immediate intervention, while others can derail your project progress. Though some risks are significant, they do not harm project development. Follow these growth-deriving principles to keep all your projects on track:
Develop a tailored approach to outline the new risk management framework applicable to all project requirements. Minor alterations can make it a perfect fit for all projects. Once done, the framework will guide project teams to proceed forward. It will also give insightful details about the potential risks to stakeholders.
Gather details of the emerging risks and determine a time frame to address them. Leave no stone unturned to initiate a robust risk management protocol.
As you outline a roadmap to risk management, dedicate some time to register where you are and where you wish to be. Document all your initiatives and progress. Moreover, be wary of emerging risks to make sure you correct them beforehand.
Be ready to counter unforeseen threats that may occur while you are on the verge of achieving the desired project outcomes. Even a minor technical glitch can cost you a lot. So, monitor every step towards progress until you successfully deliver the project.
If you wish to be the master of project risk management, maintain a journal of dos and don’ts. You can refer to past lessons to resolve similar issues in the future.
Click on the following link to read the original article: https://www.pmworld360.com/blog/2021/03/02/five-principles-for-performing-good-risk-management/