Peter NolanPM Consultant| Ernst & YoungBrussels, Belgium
What I would like to understand is that when a Risk materializes and becomes an Issue is the "Impact" and "Probability" automatically transferred to the Issue or is this re-evaluated. The reason i ask is there is much written about Risk Management but very little around Issue Management. Is it thus assumed that the intent is to try and resolve Risks before they present as reality?
What is the best approach, i see some comments that PM's keep a separate Issue and Risk Log and the one contains less information than the other.
Is best practice to remove the Risk from the Risk log and place it on the Issue Log for better focused attention? Saving Changes...
Probability doesn't apply to Issues as it is 100%. However, if a risk has been realized, stakeholders can certainly re-evaluate their probability assessment process, especially if they had assessed it as being low or very low.
You will have an accurate knowledge of the impact so you can use that in the future if a similar risk is identified.
As far as the interaction between risk and issue registers, a common practice would be to copy over the relevant info from the risk register to the issue log. As far as removing it, it depends on the nature of the risk - if it can only be realized once, then yes, you'd close it and manage it purely in the issue log, but if it could be re-realized at a later point in the project, you'd update key info for the risk and likely come up with updated risk responses which will hopefully be more effective!
Once you distinguish risk from issues, yes you should have a separate issue log. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
There is something mostly forgotten about risk and issue management: the key reason to do that is to prevent instead of to cure. That is key and when you work into some companies (like the company I am working today) it will make the difference between survive or not as project/program/portfolio manager (speaking in an extreme way but close to reality). An issue has not probability or best said it has 100% probability of occurence. Impact must be revaluated mainly because the actions to take about the issue will depend on the process to handle it where things like if it is criticaly or not to solve it will determine the actions. Saving Changes...
When a risk becomes an issue the "Impact" and "Probability" are transferred to the issue and re-evaluated at the same time. The situation of the issue might have changed since it was last reviewed. You should re-evaluate risks and mitigation plans on a regular basis.
As for tracking, keeping risks and issues together or separate depends upon the environment. I've worked at places where issues were segregated from risks, and places where everything was tracked together. It really doesn't matter as long as you capture all of the relevant details. Saving Changes...
Eric SimmsSenior Program ManagerBaltimore, Maryland, United States
Risks and issues are related, yet different. The impact and probability of a risk have nothing to do with the issue it gives rise to.
For example, let’s say I decide to play Russian Roulette. The risk is “Eric injures himself”. The risk impact is severe (major injury or death) and the risk probability is 16.66% (1 divided by 6 bullet chambers). However, if the risk is realized, the resulting issue becomes “Eric has a gunshot wound to the head”. The risk probability and risk impact are now meaningless. Once an issue is realized, the focus switches to addressing it (calling an ambulance, applying pressure to the wound, calling my next of kin, etc.). Saving Changes...
