Do You Know These 5 Secrets Of IT Project Risk Management?

Project management is proactive. So too with risk management.

The secret to success with risk management is as follows:

Secret 1: Find Risks Early

That means conduct a risk brainstorm session before, or at, the project kick-off session.

Secret 2: Do Your Own Homework First 

As the project owner/manager you can start the ball rolling by preparing a number of risks that aren’t easily thought of by non-IT people. You can then feed those out during the risk management brainstorm session.

Secret 3: Encourage Contribution

Make sure that you have a project kick-off where everyone is invited and encouraged to contribute ideas as to how the project could go belly up.

Secret 4: Record & Review Risks

Record each risk as it is noted, no matter how trivial it seems. I use an Excel spreadsheet which has lovely colour changing cells depending on the risk probability and its impact on the project.

Then every project steering meeting you should discuss and update the risk management register

Secret 5: Stakeholder Buy-In

This is a crucial one. You need your stakeholders to be involved in the process of both discovering potential risks and mitigating them.

It’s not the project managers job to do everything to mitigate the risks. It’s the whole teams job to do so. You must make sure that they understand and are willing to proceed on that basis otherwise risks could become unmanageable.

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