Strategizing for Risk Mitigation: What Are Your Options?

Mike Donoghue is a member of a multinational information technology corporation where he collaborates on the communications guidelines and customer relationship strategies affecting the interactions with internal and external clients. He has analyzed, defined, designed and overseen processes for various engagements including product usability and customer satisfaction, best practice enterprise standardization, relationship/branding structures, and distribution effectiveness and direction. He has also established corporate library solutions to provide frameworks for sales, marketing, training, and support divisions.

  Estimating   Risk Management  

After identifying and evaluating the risks on a project, there comes the time when you need to manage them through an assessment process. Estimating the potential impacts of these risks and determining the various outcomes can be a creative (if not imaginative) process, but it also has to maintain a focus in order to develop effective reactions.

While it may be comparatively easy to come up with scenarios and those with similar outcomes and effects, the effort also needs to include a risk mitigation plan so that your organization can have a strategy in place to respond to risks that become reality.

How you react to these unexpected events is important to reducing (or potentially removing) the detrimental impact they can have on your organization. There are a number of techniques in which your risk mitigation plan can be designed to help you soften the blows incurred when exposed to individual risks.

Risk Avoidance
To develop a risk avoidance strategy means having other options on the table that, while having a greater likelihood of success, often increase the cost of completing a project task. To avoid more basic risks, firms will often look to using older, more well-known and/or established technologies. Newer and more cutting-edge approaches may appear to have greater benefits (like being less expensive, having faster processes, etc.), but there is an additional …

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