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Risk Mgmt process sheet should bring out the process aspects in handling risks & issues and Quantitative/Qualitative Management is advised to reduce subjectivity in such cases
Just logging risks and issues and communicating them is like reporting that a car is about to hit you. Effective project managements are active project managers - it's what we do which can make the difference between a car accident and a near miss!
via Tom DeMarco - Risk Management is Project Management for adults. Every project should have a risk log that is reviewed at the various meetings/levels to ensure that ALL stake holders have an opportunity to review and provide input and all identified risks are dissected for potential of occurrence and level of impact if they do occur as well as a mitigation plan for those medium/high level risks.
An effective risk control strategy that helps to manage risks well can drive project success. This is where a project manager will require risk management skills.
Step 1 is not to identify risks. It is to create a Risk Management Plan. Besides documenting how you will identify risks, qualify them and quantify them, it also states when/how often you will do so. How often will you review the risk register? Who will be involved? Will risks be upgraded/downgraded/retired? How often will you identify new risks? Will you be performing risk audits?
Having a risk and issue log is just a fundamental to executing next steps- critical steps like the resolution steps and assignment of an owner. The project's success depends mostly on risk and issues management and definitely, the PM needs to go beyond just identifying and logging them. Which means steps to mitigate and resolve and assign an owner and due date.
Creating a risk plan and closely tracking all of risks and issues in team meetings and with stakeholders regularly is the key and the project manager is responsible to take action on mitigating the risks and any open issues which might be an impediment to the success of the project.
In this case is a matter of organizational project culture. All people must be aware and proactive regarding issues and risks. But in my personal experience it does not happend. Just to take into account is how culture is created. Culture is not about to put focus in people only. Culture is created because the understanding people have on organizational process. So, I have lead the actions about that in lot of companies including my actual work place. What worked for me is trained the program/project managers about who to push people to detect risk and issues when they perform following sessions. It demands work to get knowledge from each program/project manager to make the right questions.
Interesting your question
Thanks for sharing
After risk identification, qualitative and quantitative analysis, prioritization it is important to think of a project risk response plan.
Just as important as planning for risk response is proactively monitoring risk developments, of course, taking action.
I agree with Sérgio
You need to create a culture in your team (ideally in the organization), a culture related to risk management
Or as wrote Meade: "Risk Management is Project Management for Adults"
I understand that this is an old thread, but as Dinah and Ramesh have stated, you need to start with the Risk Management Plan. I suggest for those who wish to learn more about Risk Management, watch a few of the RiskDoctor`s videos on YouTube. He refers to the Risk Management, and other project plans as the ``Rules of Engagement`` - the who, what, where, how.
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