What's your process for identifying SDLC risks?

1 Understand the project context

The first step in identifying SDLC risks is to understand the project context, which includes the project objectives, scope, requirements, stakeholders, assumptions, constraints, dependencies, and environment. By understanding the project context, you can identify the sources of potential risks, such as unclear or changing requirements, unrealistic expectations, technical complexity, resource availability, regulatory compliance, and external factors. You can also use various tools and techniques to gather information about the project context, such as interviews, surveys, workshops, document analysis, brainstorming, and SWOT analysis.

2 Identify the potential risks

The next step in identifying SDLC risks is to generate a list of potential risks that could affect the project. You can use different methods and sources to identify the potential risks, such as historical data, lessons learned, expert judgment, checklists, risk categories, and risk breakdown structure. You should also involve the project team and other stakeholders in the risk identification process, as they may have different perspectives and insights on the project. You should document the potential risks using a risk register or a risk log, which records the risk description, impact, probability, and owner.

3 Analyze the potential risks

The third step in identifying SDLC risks is to analyze the potential risks to determine their impact and probability. The impact is the degree of negative or positive effect that the risk would have on the project objectives, such as cost, time, quality, or scope. The probability is the likelihood of the risk occurring. You can use qualitative or quantitative methods to analyze the potential risks, depending on the availability and reliability of data and the complexity of the project. Qualitative methods involve ranking the risks based on subjective criteria, such as high, medium, or low. Quantitative methods involve using numerical data and statistical techniques to estimate the risk impact and probability, such as expected value, sensitivity analysis, or Monte Carlo simulation.

4 Prioritize the potential risks

The fourth step in identifying SDLC risks is to prioritize the potential risks based on their impact and probability. The purpose of prioritizing the potential risks is to focus on the most significant and urgent risks that require attention and action. You can use different tools and techniques to prioritize the potential risks, such as risk matrix, risk score, risk map, or Pareto chart. You should also consider the risk tolerance and appetite of the project stakeholders, which are the levels of risk that they are willing and able to accept. You should update the risk register or log with the risk priority and rank.

5 Review and update the potential risks

The final step in identifying SDLC risks is to review and update the potential risks throughout the SDLC. As the project progresses, new risks may emerge, existing risks may change, and some risks may be resolved or eliminated. Therefore, you need to monitor and control the risk identification process regularly and systematically, using tools and techniques such as risk audits, risk reviews, risk reports, and risk triggers. You should also communicate and consult with the project team and other stakeholders about the status and changes of the potential risks, and update the risk register or log accordingly.

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?