Risk Mangement

Risk can be defined as any barrier to achieving the goals and objectives established at the outset of an initiative. Risk can come in many forms such as financial or schedule-related with a complete list being virtually endless. The key is to clearly understand what you are striving to achieve and then paying close attention to the elements which may prevent you from being successful.

Proactive Issue Identification - Good risk management begins with the proactive identification of issues. If an organization is reactionary, odds are in favor that issues will eventually manifest into risks which can eventually escalate into problems. This Issue-Risk-Problem model allows for tiered categories within a risk management framework. Constantly surveying the landscape to identify potential issues is the first step to an organization’s overall defense.

Risk Analysis and Prioritization - After risks are identified, it is important to analyze them and determine what the essence of the risk is. Because resources allocated to combat risks are never unlimited, it is also important to prioritize risks to ensure the risks which pose the greatest threat are dealt with first.

Contingency and Abatement Planning - First you plan, then you re-plan and then you plan some more. Risk management is similar to project management in that it is never really done. When all the risks have been identified and properly planned for, it’s time to go out and find some more risks. The rule of thumb: “A project with no risks is a risky project” holds true in most cases. The absence of risks usually points to the lack of management attention or identification initiatives.

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