Project Management

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Risk Management Framework Guidance

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Nicole Fox Senior Project Manager| MilliporeSigma Lowell, Ma, United States

What is the framework that you / your organization uses for risk management? Specifically looking for best practices to identify and manage risks, examples of PMO assets (ie. template for risk assessment, risk adjusted project plan), and tools you have used to assist with controlling and communicating risks.



Do you use whole PMO consolidated risks database to capture risks across your organization? How do you use it?

Do you have a tool box for mitigating the most common risks your projects experience? If so, do you have templated mitigation plans to address these risks that can be dropped into a project plan?

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Keith Novak Tukwila, Wa, United States
We have a custom enterprise-wide tool for RIO (Risk Issue Opportunity) management but use it selectively.

A couple of nice features are built in templates, selectable visibility by program or management level, and the ability to show a plan lowering the risk level over time. We tend to limit it's use for larger projects and risks however, because the standardization and visibility comes with its own overhead. It can be a lot of extra work for minor risks, especially if a VP starts poking around in the system and asking questions about things that are rather minor but require a lot of explanation to realize that. On most projects, the PM creates their own risk matrix and registry, typically in Excel.

One best practice we learned is being very specific about program level risks. If they are defined too broadly like "regulatory compliance", that risk may be resolved on individual projects, but never on the ongoing program so you can never retire that risk and end up updating the status forever with no real value generated by that extra work.

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