Are you effectively managing your project risks successfully?
Posted on 18th June 2019 at 15:18
A project will never be completely risk-free. Indeed, risk will always be an element of a project process, an unavoidable component that you have to be prepared for. You always need to think about what could go wrong with your project. Unfortunately, there are too many businesses that are not putting the right level of focus on risk management. Instead, teams ignore this completely and hope for the best without preparing for the worst. So, how do you know if you are effectively managing your project risks?
Are You Utilising The Right Software?
Many companies only rely on basic software like an excel spreadsheet. Instead, you should be exploring complete, specialised risk management software. Using tools like this, you will be able to manage events where damages, injuries and losses occur. You may also be able to report incidents or near misses when they happen. You can then complete investigations, explore their impact and monitor the case. Using risk management software, you will be able to streamline the process and ensure that nothing slips through the cracks when you are running a project.
Have You Assigned Ownership?
When you have identified a potential risk in your project, you then need to ensure that you assign a team member to effectively oversee it. They need to own the risk rather than just analysing and identifying it. You need to make sure that the team member with the right level of skill and experience is assigned to resolve it. It’s crucial that you get this stage right the first time.
Once a risk has been assigned, a strategy needs to be developed. There must be a preventive plan in place that can be used to mitigate any particular risk and then a contingency plan. The risk should also be added to a potential risk register that you might be using.
When selecting project and programme managers, be aware that this is an essential skill and should be a top priority when vetting candidates for this role.
Are You Monitoring The Risk?
Once you have assigned ownership and started to use the right software, you can then regularly assess risk. Risk management isn’t something that should be completed once. Instead, it is an evolving process that will be a crucial part of the lifecycle of your project. You should be setting up meetings where team members can be regularly updated on how to handle specific risks. You will also be able to check whether processes are running correctly or if changes are needed to improve the risk management process. By completing these steps, you will find that the project cycle does run far more effectively and that you don’t have to worry about unnecessary complications. It becomes a lot easier to run your project and you will find adapting the project when facing change a more simple concept.
We hope you see now the importance of risk management and how this should be handled. Ensuring that you manage risk effectively will play a crucial part in successfully delivering a project to completion.
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