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How do you choose the best way to transfer or share risk?

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Risk is inevitable in any project, but how you deal with it can make a big difference in your success. One of the strategies you can use is to transfer or share risk with another party, such as a contractor, supplier, insurer, or partner. But how do you choose the best way to transfer or share risk? Here are some tips to help you make smart decisions.

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1 Understand the types of risk

Before you decide to transfer or share risk, you need to understand what kind of risk you are facing and how it affects your project objectives. There are two main types of risk: pure and speculative. Pure risk is the possibility of loss or damage without any potential gain, such as fire, theft, or natural disasters. Speculative risk is the possibility of loss or gain, such as market fluctuations, technological changes, or customer preferences. Pure risk is usually easier to transfer or share than speculative risk, because it can be quantified and insured. Speculative risk may require more negotiation and collaboration, because it involves uncertainty and opportunity.

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Bunmi Ashiedu

Project Manager | LinkedIn Top Project Management Voice | Certified PRINCE2 , Agile, Scrum Master and Product Owner | Thought Leader | Speaker
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The first step is to understand the risks associated with the project. Identify your project stakeholders and work with them to identify the project risks. Check out data from similar projects in the organization and your industry to understand the potential risks and the risk management approach for these risks. Break down the project into components and identify the risks associated with those components and the options available. This will determine whether the risk can be shared or transferred. For example, in an IT project, a technical risks can be transferred by outsourcing the implementation to a specialized firm. A risk associated with cost increases can be transferred by using a fixed price vendor.

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2 Evaluate the benefits and costs

Transferring or sharing risk can have both benefits and costs for your project. Some of the benefits are: reducing your exposure to negative outcomes, increasing your access to resources and expertise, enhancing your reputation and credibility, and creating synergies and innovation. Some of the costs are: paying fees or premiums, losing control or autonomy, increasing complexity and dependency, and creating conflicts and disputes. You need to weigh the benefits and costs of transferring or sharing risk against the benefits and costs of retaining or avoiding risk, and choose the option that maximizes your value and minimizes your risk.

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Bunmi Ashiedu

Project Manager | LinkedIn Top Project Management Voice | Certified PRINCE2 , Agile, Scrum Master and Product Owner | Thought Leader | Speaker
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If a potential risk is associated with a rapidly evolving technology, it might be wise/ beneficial to transfer that risk to a specialized firm that has more expertise in that area. However, if the technology is well-established and the risk is manageable, sharing or even retaining the risk could be considered. If a vendor has a proven track record of successfully managing similar risks, transferring the risk to that vendor could be beneficial. However, if no suitable vendors are available or if their capabilities are unproven, sharing or retaining the risk might be more advantageous.

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3 Choose the appropriate method

There are different methods of transferring or sharing risk, depending on the type and level of risk, the availability and suitability of the other party, and the contractual and legal arrangements. Some of the common methods are: outsourcing, subcontracting, joint venturing, partnering, hedging, insuring, and indemnifying. Each method has its own advantages and disadvantages, and you need to choose the one that best fits your project needs and goals. You also need to ensure that the method is clearly defined and agreed upon by all parties involved, and that it complies with the relevant standards and regulations.

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4 Monitor and review the results

Transferring or sharing risk does not mean that you can ignore or forget about it. You still need to monitor and review the results of your risk strategy, and make adjustments as necessary. You need to communicate regularly with the other party, and establish clear roles and responsibilities, performance indicators, reporting mechanisms, and feedback loops. You also need to evaluate the effectiveness and efficiency of your risk strategy, and identify any issues or challenges that may arise. You need to learn from your experience, and apply the lessons learned to improve your future risk management.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Skip Kavanaugh CSSBB, CCRMP

Sales & Operations Manager | Transportation and Logistics | Six Sigma | Salesforce | Change Management | Continuous Improvement | Revenue Growth and Cost Savings | Agile & Predictive Project Management
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Organize scenario planning workshops with stakeholders to explore various risk-sharing scenarios and develop innovative strategies collaboratively. Scenario planning workshops are a valuable tool for not only identifying risks but also for engaging stakeholders in the process of developing innovative solutions. By involving a diverse group of participants and considering a range of possible future scenarios, organizations can enhance their resilience and ability to effectively share and manage risks in complex projects.

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How do you choose the best way to transfer or share risk?

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1 Understand the types of risk

2 Evaluate the benefits and costs

3 Choose the appropriate method

4 Monitor and review the results

5 Here’s what else to consider

Project Management

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How do you choose the best way to transfer or share risk?

1

2

3

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5

1 Understand the types of risk

2 Evaluate the benefits and costs

3 Choose the appropriate method

4 Monitor and review the results

5 Here’s what else to consider

Project Management

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