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How do you measure and report the outcomes and impacts of risk interdependencies and synergies?

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Risk interdependencies and synergies are the effects that multiple risks have on each other and on the overall objectives of a project, program, or organization. They can create positive or negative outcomes, depending on how they interact and how they are managed. In this article, you will learn how to measure and report the outcomes and impacts of risk interdependencies and synergies, using a tactical planning approach.

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Harvinder Singh

???265 X Linkedin Top Voice ???|| Generative AI || Influencing others Voice || Business Transformation || Helping…
Avinash Ravichandran

Agentic AI, ML, Data Engineering | Cloud, ETL, Big Data, RealTime Analytics | Databricks, Data Governance, Data…

1 Identify risk interdependencies and synergies

The first step is to identify the risk interdependencies and synergies that are relevant to your context and scope. You can use various tools and techniques, such as risk matrices, network diagrams, influence diagrams, bow-tie analysis, or Monte Carlo simulation, to map out the relationships and influences among the risks. You should also consider the sources, drivers, and triggers of the risks, as well as the potential consequences and opportunities.

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Avinash Ravichandran

Agentic AI, ML, Data Engineering | Cloud, ETL, Big Data, RealTime Analytics | Databricks, Data Governance, Data Stewardship, Snowflake, Data Quality, MDM, Metadata Management, Data Modelling| Data Mesh | Spark/Trino
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When gauging and conveying the outcomes and impacts of risk interdependencies and synergies, adopt these sequential phases: first, agree on standard indices connected to aims, chances, exposures, and network effects, thereby encouraging consensus; second, merge distinct inventories into holistic directories containing elaborate linkages, consequences, and aggregate impacts; third, apply sophisticated analytical frameworks, such as statistical models, probability distributions, causality diagrams, and sensitivity checks, so as to understand underlying subtleties; lastly, produce succinct narratives pinpointing major findings, recommended modifications, and accumulated wisdom, adapted for particular readers.

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2 Assess risk interdependencies and synergies

The next step is to assess the risk interdependencies and synergies, in terms of their likelihood, impact, and value. You should quantify the risk exposure and the expected value of the risk synergies, using appropriate metrics and indicators. You should also evaluate the uncertainty and volatility of the risk interdependencies and synergies, using sensitivity analysis, scenario analysis, or stress testing. You should also prioritize the risk interdependencies and synergies, based on their significance and urgency.

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3 Manage risk interdependencies and synergies

The third step is to manage the risk interdependencies and synergies, by developing and implementing risk response strategies and actions. You should align your risk management objectives and tactics with your overall goals and plans, and consider the trade-offs and implications of your risk decisions. You should also leverage the risk synergies and mitigate the risk threats, by exploiting, enhancing, sharing, or transferring the positive risks, and avoiding, reducing, accepting, or controlling the negative risks.

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4 Monitor risk interdependencies and synergies

The fourth step is to monitor the risk interdependencies and synergies, by collecting and analyzing data and information on the risk performance and outcomes. You should use relevant risk indicators and measures, such as risk scores, risk ratings, risk profiles, risk-adjusted returns, or risk-adjusted value added, to track and compare the actual and expected results of the risk interdependencies and synergies. You should also identify and report any deviations, changes, or trends in the risk interdependencies and synergies, and their causes and effects.

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5 Review risk interdependencies and synergies

The fifth step is to review the risk interdependencies and synergies, by evaluating and learning from the risk management process and outcomes. You should use feedback loops, audits, reviews, or lessons learned sessions, to assess the effectiveness and efficiency of your risk management practices and actions. You should also identify and document the best practices, successes, failures, gaps, or improvement opportunities, related to the risk interdependencies and synergies.

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6 Communicate risk interdependencies and synergies

The sixth step is to communicate the risk interdependencies and synergies, by reporting and sharing the risk information and insights with the relevant stakeholders. You should use clear, concise, and consistent language, formats, and channels, to convey the risk messages and stories. You should also tailor your communication style and content to the needs, expectations, and preferences of your audience. You should also solicit and incorporate feedback, questions, or suggestions from your stakeholders, to enhance the risk understanding and engagement.

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Harvinder Singh

???265 X Linkedin Top Voice ???|| Generative AI || Influencing others Voice || Business Transformation || Helping Client's to Grow their Business ?? || DM For Promotion ?? ||
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1. Identify common risks across projects and quantify their interactions. 2. Develop risk profiles that capture the likelihood and impact of combined risks. 3. Exploit synergies to reduce costs, optimize resources, and enhance value. 4. Monitor key risk indicators to proactively manage emerging interdependencies. 5. Communicate risks transparently and collaborate with stakeholders to address them. For example, by merging excavation and fill processes across infrastructure projects, one organization achieved substantial cost savings and streamlined timelines. Transparent reporting enabled effective risk management and stakeholder engagement.

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7 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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How do you measure and report the outcomes and impacts of risk interdependencies and synergies?

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1 Identify risk interdependencies and synergies

2 Assess risk interdependencies and synergies

3 Manage risk interdependencies and synergies

4 Monitor risk interdependencies and synergies

5 Review risk interdependencies and synergies

6 Communicate risk interdependencies and synergies

7 Here’s what else to consider

Tactical Planning

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