Get Your Risk Infrastructure Right
Failure to provide an appropriate level of risk infrastructure can cripple risk management in an organization. Too little support makes it difficult to implement the risk process efficiently, while too much infrastructure adds to the cost overhead. Getting the supporting infrastructure right is essential for effective risk management, enabling the risk process to deliver the expected benefits to the organization and its projects.
This might include choosing techniques, buying or developing software tools, providing training in both knowledge and skills, producing templates for various elements of the risk process, and considering the need for technical support from risk specialists.
It’s particularly important to get each of these elements right if we want to use an inclusive risk process that addresses both threats and opportunities.
Techniques. Although the underlying risk process is the same whether we are addressing only threats or considering opportunities as well, some modifications are needed to the standard risk techniques when we’re dealing with opportunities, and there are also specific additional techniques that we might employ.
For example, we might use SWOT Analysis or Force Field Analysis to identify opportunities alongside threats. We’ll need a double P-I Matrix to prioritize both types of risk by probability and impact. Risk
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