Project risks needs to be managed on continuous basis. Project Risk Management is a weakness observed across many organizations.
Here, I am highlighting few of the approaches, that would help the Project Teams to integrate Risk Management successfully.
- Predictions based on Risk Management -parameters
A wholesome calculation of Probability Rating, Impact Rating, Risk Index, Risk Categorization based on Risk Index, risk mitigation and contingency plan will lead to correct predictions and successful project implementation.
- By appointing a Risk Officer
The job of the risk officer is to be alert to risks to the project and to keep managers and developers from ignoring them in their planning. He should be well acquainted with required skill-set.
On smaller projects, we could assign someone with other project duties to play the role when needed (Not PM).
- Risk Database
By Maintaining, Updating and Monitoring the Risk Database
- By making Risk Management collaborative and visible
Allow anyone to add a new risk or add comments on an existing risk any time they find any potential risk. It should be made visible across the organization for eg at Project Level – Identified risk should be placed at workstation/wall in the form of Posters/Card etc.
- Effectively following the Risk Management Process
An effective process implementation will lead to successful Risk Management. Whether its Risk Management Strategy, Identification, documentation, prioritization or coordination with Software Engineering Process Group.
- Following the best industry standards and practices
For e.g. SEI Risk Taxonomy Questionnaire, CMMi Risk Management Standards and Practices, ITIL processes.
- Expertise the team with Domain Knowledge
Having a good knowledge of Domain Knowledge will make Risk Identification and its prevention/mitigation easier for the team.
- By making Risk Management the team’s responsibility
To identify and highlight risks. By asking the team to identify risks and to rate the likelihood and impact.
- Review Risk Management periodically (Bi-Weekly/Monthly)
There should be Risk Management Review meeting at different levels – Project Team, PM-DMs and Top Level Management (To discuss top priority risk and their prevention/mitigation plan).