What's the best way to track risks and issues in your program?

1 Define risks and issues

Risks and issues are not the same thing, and you need to distinguish them clearly. Risks are potential events or situations that could have a negative impact on your program if they occur. Issues are actual problems or challenges that are already affecting your program or will do so soon. You need to define the criteria and categories for identifying, assessing, and prioritizing risks and issues in your program. For example, you can use a risk matrix to rate risks based on their likelihood and impact, and assign them a color code (red, yellow, green) to indicate their urgency.

2 Establish a process

You need to have a consistent and transparent process for managing risks and issues in your program. This includes defining roles and responsibilities, communication channels, escalation paths, and decision-making authority. You also need to document and update your risk and issue logs, which are the central repositories for recording, tracking, and resolving risks and issues. Your logs should include information such as the description, status, owner, action plan, due date, and resolution of each risk and issue. You should also review and update your logs regularly, preferably in your program status meetings.

3 Use a tool

While you can use spreadsheets or documents to create and maintain your risk and issue logs, they can quickly become cumbersome and outdated. A better option is to use a dedicated tool that can help you automate and streamline your risk and issue management process. There are many tools available, such as Jira, Asana, Trello, or Microsoft Project, that can integrate with your program management software and provide features such as dashboards, alerts, reports, and collaboration. You should choose a tool that suits your program's size, complexity, and needs.

4 Communicate effectively

Communication is key for managing risks and issues in your program. You need to communicate the status, progress, and outcomes of your risk and issue management process to your program team, sponsors, stakeholders, and other relevant parties. You should use clear, concise, and consistent language and formats, and tailor your messages to your audience's needs and expectations. You should also communicate proactively and timely, and avoid surprises or delays. Communication can help you build trust, alignment, and support for your program.

5 Learn and improve

Managing risks and issues is not a one-time activity, but a continuous cycle of learning and improvement. You should always monitor and evaluate the effectiveness of your risk and issue management process, and identify the lessons learned, best practices, and areas for improvement. You should also share your insights and feedback with your program team and stakeholders, and implement the necessary changes or enhancements to your process. Learning and improving can help you increase your program's resilience, agility, and success.

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?