Risk is uncertainty which may prevent an initiative realising the full expectations of the business case and achieving its objectives.
The starting point for Risk Management is to ask the question… “What can go wrong in achieving the change?”
Risks can fall into many categories, some common ones are:
- Conflict of Interest
To manage risks, they need to be identified, assessed, owned, planned and implemented.
Risks then need to be monitored and controlled throughout delivery.
All risks should be captured in the risk log. The risk log is an active document throughout the project lifecycle and needs to be reviewed and updated regularly.
Click the DOWNLOAD button to access the Risk Log templateDownload
Hints & Tips
- A risk workshop is an effective way to complete risk identification and assessment.
- A key factor to a successful risk workshop is ensuring the right stakeholders attend.
- It raises awareness with and gets buy in with the stakeholders on the risks.
- The Project Manager needs to manage the risks and ensure that they all have mitigations and owners.