Risk Management

Risk Management: 12 Ways to Stabilize It

Is your risk management process in troubled waters? Nobody likes risks in projects, but some are inherent and unavoidable. How do you identify, analyze, or address them? And what about the others that crop up as your project progresses from processes you never realized having issues? In this article at Project Risk Coach, Harry Hall shares methods to help you stabilize the risk management process.

12 Risk Management Steps

Preacher But Not the Role Model

As a project manager, your primary job is to perform what you preach. Do you log risks or alert the team when you find any anomalies? If not, be the example and register it to inspire others to follow suit.

Wrong Prioritization

You have detected several risks, good. Which one should your team start addressing first? No idea? Find that out first because team members can prioritize only a few at a time.

Hand-Me-Down Plans

Project managers use the risk management plan of a previous project with similar characteristics. Fair enough. Have you updated it to incorporate specifics of this project like stakeholders or tools? Customize the template according to your project for it to be effective.

Irregular Risk Habit

Once done with a project, do you continue retaining the same risk culture for your next project? Starting from scratch takes away more of your time, hours, and energy. So, maintain the habits you found useful in the previous project.

Inability to Identify Early

Don’t touch it until it is broken—do you follow this motto for risk management? Procrastinating risk detection can only hamper the project. Moreover, issues pile up to halt the project entirely.

Late Stakeholder Responses

Are you delaying deployment because you did not get the critical stakeholder approval? If you want to have better engagement from them, involve them often.

Not on the Same Page

Do all the stakeholders know about the primary project status? If you forget to update them about project progress, they might slowly lose interest and eventually withdraw their support.

No Standard Processes

Does your team follow a standard risk management process? If you have not been working on issues without following any formal process, start now.

Vague Idea About Response Efficacy

You have a well-planned response strategy in your risk management plan, but do you know how effective it is? Frequently check if you are receiving the expected outcomes.

Underutilized Risk Owners

It is not your job to look after every risk. Assign risk owners that will follow through with the risks and hand over a consolidated progress report to you.

Vague Risk Statements

Not specifying risks can disable your team’s effort to prioritize and mitigate them appropriately. Ensure that people specify as much as possible about the problem.

Unfocused Management

Have you lost track of why you are having the meeting in the first place? Instead of sitting with all the issues, create a list, stick to it.

To view the original article in full, visit the following link: https://projectriskcoach.com/12-sure-fire-ways-to-improve-project-risk-management/

Indrani Roy

Indrani Roy is currently working as a Content Specialist for CAI Info India. She has knowledge in writing blogs, product descriptions, brand information, and coming up with new marketing concepts. Indrani has also transcribed, subtitled, edited, and proofread various Hollywood movies, TV series, documentaries, etc., and performed audio fidelity checks. She started her career by articulating a knowledge base for an IT client, and, eventually, went on to create user manuals and generate content for a software dashboard. Writing being one of her passions, reading books is naturally her favorite pastime. When not lost in the world of letters, she is a foodie, movie buff, and a theater critic.

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