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.
The University's risk management arrangements are overseen by the Director of Risk Management. The Risk Management Policy and Guidance can be downloaded from the Secretariat Policies, Procedures and Codes of Practice webpage.
The Risk Register is established as a University template that can be adapted for use by projects and programmes. Using a 4 x 4 scoring matrix, the Risk Register captures information about the likelihood and impact of certain events happening, with actions recorded to address and treat each identified risk. The Risk Register is an active document and needs to be reviewed and updated regularly throughout the lifecycle.
Risk Strategy and Management Plan
This document is a combined risk strategy and management plan, including the processes, suggested tools and roles and responsibilities.
Much of the content regarding the risk strategy will require minimal editing as this aligns with the standard University approach. The risk management sections can be tailored with details on how this approach will be applied to the reflect the specific initiative.
This document should be reviewed and revised for each stage of the initiative. The content is a good starting point but needs to be carefully reviewed, considered and validated on an individual basis to ensure the risk approach works well for the initiative.
Click the DOWNLOAD button to access the Risk Strategy & Management Plan template.DOWNLOAD
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.