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You're looking to advance your Program Management career. How can you improve your risk management skills?

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As a program manager, you are responsible for overseeing multiple projects and ensuring they align with the strategic goals of your organization. One of the key skills you need to succeed in this role is risk management, which involves identifying, analyzing, and responding to potential threats and opportunities that may affect your program's performance, schedule, budget, quality, or scope. In this article, we will share some tips on how you can improve your risk management skills and advance your program management career.

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Mrunalini Pathrikar

Scrum Master/Project Manager | Executive program in Project Management from IIM Raipur | CSM |CSPO |SAFe Agile
Vijay SP

Global Business Transformation | Change Management | Program Management
Ruperto Agustín Chapo?an Quiroga CIP, PMI (PfMP, PgMP, PMP, ACP, RMP, PMOCP)?, SFC?, SS YB.

Mech. Elec. Eng. | Portfolio Manager | Program Manager | Project Manager | Risk Manager | Agile | WEE | BIM | PMO |…

1 Understand the context

Before you can manage risks effectively, you need to understand the context of your program and the environment in which it operates. This means you should conduct a thorough stakeholder analysis, a SWOT analysis, a PESTLE analysis, and a program charter to identify the key factors that may influence your program's success or failure. By understanding the context, you can better anticipate the sources and types of risks that may arise and plan accordingly.

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2 Establish a risk management framework

A risk management framework is a set of processes, tools, and techniques that guide you in identifying, assessing, prioritizing, mitigating, monitoring, and communicating risks throughout your program's life cycle. A good framework should be aligned with your organization's standards and policies, as well as the best practices of your industry and domain. You should also customize your framework to suit the specific needs and characteristics of your program, such as its scope, complexity, duration, and stakeholders.

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Vijay SP

Global Business Transformation | Change Management | Program Management
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To develop a robust risk management framework, start by acquainting yourself with established frameworks such as the PMI Practice Standard for Project Risk Management or ISO 31000:2018 Risk Management. Gain a deep understanding of fundamental components like identifying, assessing, mitigating, and monitoring risks. However, it's crucial to customize these frameworks to suit the unique requirements of your program, considering factors like its scale, intricacy, and industry context. By adapting established frameworks to your program's specifics, you can effectively manage risks and enhance overall project success.

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3 Involve your team and stakeholders

Risk management is not a solo activity. You should involve your team and stakeholders in every stage of the risk management process, from identifying and analyzing risks to implementing and reviewing risk responses. By engaging your team and stakeholders, you can leverage their expertise, experience, and perspectives to identify more risks, evaluate them more accurately, and develop more effective solutions. You can also foster a culture of risk awareness and ownership among your team and stakeholders, which can improve their commitment and collaboration.

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4 Use appropriate tools and techniques

There are many tools and techniques that can help you manage risks more efficiently and effectively. Some of the common ones include risk registers, risk matrices, risk breakdown structures, risk heat maps, risk audits, risk reviews, risk reports, and risk dashboards. You should choose the tools and techniques that suit your program's context, objectives, and requirements, and use them consistently and systematically throughout your program's life cycle. You should also update and refine your tools and techniques as your program evolves and new risks emerge.

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5 Learn from your experience

One of the best ways to improve your risk management skills is to learn from your experience. You should document and analyze the risks that occurred in your program, as well as the ones that did not materialize, and evaluate the effectiveness of your risk management framework, processes, and practices. You should also seek feedback from your team and stakeholders on how you handled risks and how you can improve. By learning from your experience, you can identify the gaps and areas of improvement in your risk management skills, and apply the lessons learned to your future programs.

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Mrunalini Pathrikar

Scrum Master/Project Manager | Executive program in Project Management from IIM Raipur | CSM |CSPO |SAFe Agile
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Risk management in project management involves identifying, analyzing, and responding to potential risks that may impact the project's objectives. Risk Identification: Identify potential risks that could affect the project Risk Analysis: Assess the probability and impact of each identified risk. This helps prioritize risks based on their potential consequences Mitigation: Implement actions to reduce the impact of a risk. Risk Monitoring and Control: Regularly monitor identified risks throughout the project lifecycle. Documentation: Maintain a comprehensive risk register that includes all identified risks, their analysis, and the corresponding response plans. Communication: Keep stakeholders informed about the project's risk

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Ruperto Agustín Chapo?an Quiroga CIP, PMI (PfMP, PgMP, PMP, ACP, RMP, PMOCP)?, SFC?, SS YB.

Mech. Elec. Eng. | Portfolio Manager | Program Manager | Project Manager | Risk Manager | Agile | WEE | BIM | PMO | Contract Management | ISO 21500 (Industries Energy, Mining, Telecommunications and Construction)
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There are several ways in which risk management skills can be improved in the future. Among them is: obtain a project management certification, such as the Risk Management Professional (RMP-PMI) certification or take risk management training courses to improve skills and knowledge, seek mentors in this field who have experience in risk management and learning from them, participate in professional communities online or in person to connect with other professionals and learn from their experiences; and analysis of lessons learned from previous projects and programs to identify risks that arose and how they were managed.

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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?

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Keith King

Former White House Lead Communications Engineer, U.S. Dept of State, and Joint Chiefs of Staff in the Pentagon.
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Enhancing your risk management skills in Program Management involves targeted education, experience, and skill development: Education - Certifications: Obtain PMI-RMP, MoR, or CRISC certifications. - Courses: Enroll in risk management courses and workshops online or through educational institutions. Networking - Professional Associations: Join organizations like PMI for resources and networking. - Mentorship: Seek a mentor experienced in risk management for guidance. Stay Updated - Industry Trends: Follow the latest in risk management through publications and conferences. - Regulatory Knowledge: Keep up with regulations and standards in your industry.

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You're looking to advance your Program Management career. How can you improve your risk management skills?

1

2

3

4

5

6

1 Understand the context

2 Establish a risk management framework

3 Involve your team and stakeholders

4 Use appropriate tools and techniques

5 Learn from your experience

6 Here’s what else to consider

Program Management

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You're looking to advance your Program Management career. How can you improve your risk management skills?

1

2

3

4

5

6

1 Understand the context

2 Establish a risk management framework

3 Involve your team and stakeholders

4 Use appropriate tools and techniques

5 Learn from your experience

6 Here’s what else to consider

Program Management

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