How do you get your agile team to own risk?

1 What is agile risk management?

Agile risk management is the process of applying agile principles and practices to deal with potential threats and opportunities that may affect the project's goals, scope, quality, or schedule. Unlike traditional risk management, which is often centralized and formal, agile risk management is decentralized and collaborative, involving the whole team and the stakeholders. Agile risk management is not a separate activity, but an integral part of the agile mindset and culture.

2 Why is agile risk ownership important?

One of the core values of agile is self-organizing teams, which means that the team members are responsible for planning, executing, and delivering their work, without relying on external authority or control. This also implies that the team members are accountable for the risks that may impact their work, and that they have the authority and the resources to mitigate or exploit them. Agile risk ownership is important because it fosters trust, transparency, and learning within the team, as well as alignment with the stakeholders and the business goals.

3 How to identify risks in agile projects?

The first step to own risk is to identify it. Depending on the context and complexity of the project, there are various ways to do so. Brainstorming with the team and stakeholders, using regular retrospectives, getting feedback from customers or users, and monitoring metrics such as velocity or defect rate can all help to discover potential risks. Asking questions, sharing experiences or using prompts such as SWOT analysis or risk categories can also be beneficial. Additionally, soliciting feedback through formal or informal channels such as surveys, interviews, demos, or user testing can provide insight into any risks related to the product's value, quality, or usability. Metrics can also be used to monitor performance and progress of the project, and detect any deviations or anomalies that may indicate a risk.

4 How to assess risks in agile projects?

Once the team has identified the risks, they need to assess them to prioritize their actions and allocate their resources. This assessment can be done using qualitative or quantitative methods, or a combination of both. For example, a risk matrix can be used to rank the risks based on their likelihood and impact, while a risk register can help document each risk's details. Additionally, a risk burn down chart can measure the exposure or expected loss of the project over time. These methods can assist in visualizing the relative importance and urgency of the risks, tracking and communicating them, and evaluating the effectiveness of their risk responses.

5 How to manage risks in agile projects?

The final step to own risk is to manage it. This means the team needs to implement their risk responses, monitor their results, and learn from their outcomes. Risk mitigation can be used to reduce the likelihood or impact of a negative risk, such as by avoiding, transferring, or minimizing it. Risk exploitation can be used to increase the likelihood or impact of a positive risk, such as by pursuing, sharing, or enhancing it. Risk acceptance can be used to acknowledge and deal with an unavoidable or insignificant risk, either by tolerating it or by reserving some contingency for it. Owning risk is not easy but is essential for agile teams to deliver value and achieve success. By applying these tips and techniques, you can help your agile team own risk and embrace it as an opportunity for improvement and innovation.

6 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?