Risk management procedures
Identifying Risk
As a project manager, you will need to be performing risk management throughout the life of your project. It is always a good idea to begin identifying your risks as soon as possible in a project. That way you have more time to plan a strategy to deal with the risk.
So, either on your own or as part of a team composed of project stakeholders, you will need to brainstorm all the risks you can think of. Ask yourself the question “what things or events could occur which might affect the successful outcome of the project?”
As soon as you have identified all possible risks, review each one and decide if it really is a risk. Discard any which don’t fit your criteria.
For the risks which are left, write down each one in a spreadsheet and give it a name, unique number and a description of the risk.
Once you have identified all possible risks on your project, it is now time to perform a risk assessment.
In the next post, we shall look into risk assessment procedures in more detail.
You can learn more about risk management procedures and risk assessment procedures and strategies and learn how to write a project risk management approach by attending a PRINCE2 course run by Knowledge Train in London, UK.
