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Full Risk Management Process

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This content is from the Method123 weekly email dated 2015.05.11

Ten Tips for a Full Risk Management Process

The following ten tips will help you to perform risk management more rigorously and effectively for your project.

1. Plan for risks. Create a Risk Management Plan to ensure that describes how you will identify, analyze, respond to and monitor project risks.

2. Perform Risk Reviews. These reviews are meetings between key members of the project team to monitor and control risks within the project. At each review meeting, the current risks should be assessed and any new risks will be raised for consideration.

3. Use Risk Forms. Every time you identify a new risk within the project, you should document it by completing a Risk Form. This form helps you to fully describe the risk and rate its likelihood of occurrence and impact on the project should it actually eventuate.

4. Identify the Risk Priority. For each risk raised, you should calculate the overall priority of the risk by summarizing the likelihood and impact rating scores previously assigned

5. Create a Risk Register. The Risk Register (or Risk Log) contains the actual risks of your project. By recording the details of all risk forms in a Risk Register, you will be able to monitor and track risks and their priorities quickly and easily each week.

6. Report High Level Risks. You should report all high level risks to the sponsor to ensure they are kept fully informed of the overall risk status of the project. This also helps them to share in the ownership of key risks which may severely impact the project.

7. Assign Risk Actions. Once each risk has been reviewed and its priority determined, you should assign the actions needed to avoid, transfer or mitigate it. Each action identified should be assigned to a project team member to carry out.

8. Monitor Changes. Many risks change in nature over time. Make sure that you review the status of each risk weekly to ensure that it has not suddenly increased in priority and need urgent attention.

9. Share the Work. Make sure that you gain the full buy-in of all of your project team members to help identify, monitor and control risks successfully throughout the project.

10. Assign Risk Roles. Identify and list the responsibilities of team members, Project Managers and the Project Board for managing risks within the project.

There you have it! By using these top ten tips, you will improve risk management within your project and increase your chances of success.
At TenStep we are dedicated to helping organizations achieve their goals and strategies through the successful execution of critical business projects. We provide training, consulting and products for organizations to help them set up an environment where projects are successful. This includes help with strategic planning, portfolio management, program / project management, Project Management Offices (PMOs) and project lifecycles. For more information, visit www.TenStep.com or contact us at admin@TenStep.com



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