With each project comes risk and that’s where a risk management process comes in. Managing risk is something that all project managers are responsible for, both in terms of risk assessment and mitigation strategy. Risk assessment involves both identifying, analyzing and evaluation of the risk and its potential impact. A risk mitigation plan is used […]
3 Unusual Ways to Categorize Risk
Unusual Ways to Categorize Risk The risk identification stage of any project is a great opportunity to brainstorm and review all the things that may present problems later on. However, what you end up with afterwards is a giant list of risks. It’s even worse when you combine risks at program or portfolio level and […]
3 Common Mistakes Businesses Make with Risk Management Processes
Do you make these common mistakes with your Risk Management Processes? Learning to manage risk effectively is a process in itself. PMO leaders and those charged with setting up strategies to tackle organizational and project risk have to review, reflect and improve as they go. That’s the only way to develop an appropriate level of […]
Are You Managing Implicit Risk Effectively?
Your projects have risk management plans and you may even be running simulations on particular risks identified by the project team. But do project managers in the organization routinely include implicit risk in their plans? Explicit risks are the obvious ones: the risk events that might happen and have the potential to cause problems for […]
4 Major Sources of Risk in a Project
Major Sources of Risk in a Project I headed out without an umbrella yesterday – and given the look of the sky, that was quite the risk. It paid off as I made it back home before the storm started. Risk is everywhere, and your business is full of it. Projects are a specific risk […]
Risk Events and Project Risk: Know the Differences
Do you know how they are different? Here’s our complete guide to understanding how these concepts work and how they impact the projects your teams are leading. What is a risk event? A risk event is a specific event or happening that could negatively or positively affect a project’s chance of meeting its intended goals. […]
How to ‘Enterprise’ Your Risk Management (ERM)
What makes enterprise risk management (ERM) different from project or team-based approaches to risk management? While many of the principles are the same, there are some core differences that you should consider as you introduce risk management on an enterprise-wide basis. In this article, we’ll look at the ways that ERM builds on and differs […]
What Does a Risk Committee Do?
A risk committee is an important part of risk governance across the organization. But what is it and what does it do? At the corporate level, the risk committee is there to assist the board with strategic risk management at an organizational level. For many companies, risk is one of the responsibilities of the audit […]
The Pros & Cons of Common Risk Assessment Techniques
Common Risk Assessment Techniques – The Pros and Cons A core component of risk management is being able to assess the impact a risk could have on your project or business. Once you’ve identified a risk, you need to gather more information about it and use your professional judgement, amongst other data-driven tools, to think […]
Workshop Techniques for Risk Management
What Workshop Techniques for Risk Management Do You Use? Risk workshops are a common way of kicking off the risk management process, either for a project, program or as an activity as part of corporate risk management. Workshops are fantastic as the team comes together to share their expertise, helping you uncover more and get […]