Introduce or enhance risks management

Owned by Katsiaryna_Subach
Last updated: Jan 17, 2022 by Aleksandr Bogush
1 min read

  1. Make sure to create risks register and issues log - all this should be kept up to date and managed properly, i.e. there should be risks response strategy for each risk and action plan with owner for issues

  2. Introduce RAID (risks, assumptions, issues, dependencies) practice 

  3. Track dependencies between teams/streams, or on stakeholders, and log issues into issues log if any blockers 

  4. Manage risks:

    • implement proactive risks responses

    • watch for high-priority risks unfolding

    • monitor events triggering a contingency plan

    • report on risk status

    • assign risk on risk owner

    • add due dates to the actions in the treatment plan 

  5. Use escalation as one of risks management processes in case of no power, information or resources and in order to move a project forward

  6. Define risk tolerance/ appetite: which constraints are more important for your project? For instance, if quality can't be affected in any case, risks on quality would be much more important.

  7. Make qualitative (risk exposure based on probability and impact) and quantitative (monetary impact) risk analysis 

  8. Allocate contingency/buffer in both estimations and budget taking into account monetary impact

Useful materials

How to start doing real risk management in a project