What are effective strategies for managing program risks across multiple geographies?

1 Define a common risk framework

A common risk framework is a set of standards, processes, and tools that guide how one identifies, analyzes, prioritizes, mitigates, and communicates program risks. It helps to create a consistent and transparent approach to risk management across all geographies, while also aligning the program team and stakeholders on the same expectations and goals. This framework should include a risk management plan outlining the roles, responsibilities, and resources for risk management activities; a risk register documenting the sources, impacts, likelihoods, and responses of program risks; a risk matrix categorizing and ranking program risks based on severity and probability; a risk reporting system tracking and updating the status and progress of risk management actions; as well as a risk escalation process defining the criteria and mechanisms for raising and resolving critical issues.

2 Conduct regular risk assessments

Regular risk assessments are essential for detecting and addressing program risks in a timely and proactive manner. You should conduct risk assessments throughout the program lifecycle, such as initiation, planning, execution, monitoring, and closure, as well as whenever there are significant changes or events that may affect your program. This involves gathering and analyzing data from various sources, such as reports, surveys, interviews, or audits to identify and evaluate potential risks. Additionally, risk response strategies should be developed and implemented, such as avoiding, transferring, reducing, or accepting risks. Ultimately, the results and actions of risk assessments must be communicated and documented to your program team and stakeholders.

3 Leverage local knowledge and expertise

Local knowledge and expertise can be invaluable when managing program risks across multiple geographies. They provide an understanding of the context, culture, and preferences of target audiences, partners, and beneficiaries, as well as the best resources, opportunities, and solutions. To leverage local knowledge and expertise, you should engage and collaborate with local stakeholders such as sponsors, customers, suppliers, or communities. Additionally, you should hire and empower local staff, consultants, or volunteers with relevant skills and experience. Training and coaching your local team members on program goals, standards, and expectations is also essential. Finally, it's important to seek feedback from your local team members and stakeholders on program risks and issues while adapting and customizing your program deliverables and communications to suit the local needs and expectations.

4 Use technology and tools

Technology and tools can significantly improve your ability to manage program risks across multiple geographies. They can provide data collection and analysis capabilities, as well as facilitate communication and collaboration with your team and stakeholders. Additionally, they can help you monitor and control your program performance. Examples of technology and tools include project management software, risk management software, collaboration platforms, video conferencing/instant messaging tools, cloud storage/backup services, and more. These tools enable you to plan, track, report on activities/milestones/deliverables, create/update/share risk registers/matrices/reports, exchange information/ideas/feedback with your team and stakeholders, conduct meetings/presentations/discussions virtually, store and access documents/data securely and remotely.

5 Review and learn from your experiences

Reviewing and learning from your experiences is essential to improving your program risk management skills and practices. To do this, you can conduct lessons learned sessions after each program phase, major risk event, or issue. Additionally, you should solicit and analyze feedback from your team and stakeholders on your program risk management performance. Furthermore, you should document the best practices, challenges, and opportunities for improvement in your program risk management processes and tools. Finally, you should apply and share the lessons learned and recommendations to your current or future programs.

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?