You’re about to start a new project. How can you ensure that your risk management is top-notch?

Identify Priorities Strategy Implement Allocate resources- men material money Continuous monitor and review communicate result for action on regular basis

First of all, let's all create a culture of commitment, communication and trust, before going into the how and the what's. Let's answer first our why. InI that way all team members are in sync and committed to do the how and what's. Cheers

Governance structure is so important! This ensures contributions at the right levels of the business and reporting to those who need to know.

Comprehensive Risk Assessment: Conduct a thorough analysis to identify potential risks across all project phases. Risk Planning: Develop a detailed risk management plan outlining strategies for risk identification, analysis, and response. Stakeholder Involvement: Engage all stakeholders in risk discussions, ensuring diverse perspectives and collective ownership. Continuous Monitoring: Regularly assess and reassess risks throughout the project lifecycle, adapting strategies as needed. Mitigation Strategies: Implement proactive risk mitigation measures aligned with project objectives to minimize potential impacts. Documentation & Communication: Maintain clear documentation and communicate risk strategies effectively to all team members

For top-notch project risk management planning, start by conducting a thorough risk assessment to identify potential issues. Involve stakeholders in this process for comprehensive insight. Develop a risk matrix to prioritize risks based on their impact and likelihood. Create mitigation strategies for high-priority risks and contingency plans for unforeseen events. Regularly review and update the risk management plan, adapting to new risks as the project progresses. Communication is key; ensure all team members are aware of potential risks and response strategies. This proactive and adaptive approach ensures effective handling of risks throughout the project lifecycle.

Identifying risks is just the first step in a comprehensive risk management process. The subsequent steps, which include evaluating risk scenarios, prioritizing risks, and preparing for them through documentation, are equally important. Common issue where organizations might rush to implement controls without thoroughly evaluating the risk scenarios.

Create a risk register to identify your project risk, rank them, assign owners and to set mitigation strategies. The exercise of developing one is a good litmus test your risk maturity and preparedness for the project.

J'ai euvloccasion de créer et mettre en ?uvre un outil spécifique d'identification des risques liés à un nouveau projet. La mise en ?uvre de cet outil est décrite dans le manuel HSE de l'organisation. Pour tout nouveau projet le pilote dudit projet doit organiser une réunion avec tous les responsables de processus de l'organisation afin de passer en revue tous les risques pré identifiés dans un formulaire appelé alanlys multirisques avant projet. A l'issue de cette réunion les risques identifiés sont inscrits dans un pdca lié au formulaire et suivi périodiquement tout leblong de la vie du projet par son par son pilote.

Identification of risk is the very first step to initiate any project. With this step the team can list down all the possible risk/road blocks. Also teams can identify and involve the internal teams who can help with solutions to avoid or prepare to avoid/mitigate the risk. All these risks need to be reviewed and documented along with existing controls (if any) into the Risk register.

One of the most important things in risk assessment is setting sound assessment criteria, these criteria should be aligned and discussed with management. Relying on professional judgment alone may lead to discrepancies in assessment from one individual to another.

Discussion of identified risk with the relevant team/Management would be helpful. With this team would be able to get an idea about probability and impact of the same. On this basis risk ratings can be defined and agreed before recording into the Risk register.

A third dimension you can (and should begin to) consider is the velocity of risk, which measures how fast the first impact of an event can hit your organizational objectives from the time of its occurrence. Assessing risk exposure by its velocity is an advanced lens to help organizations identify the criticality of risk, for prioritization.

To ensure business continuity and effective risk management, you should remember that risk management is dynamic. Monitoring risks' status is essential and should be done often to ensure operational excellence and business continuity. As new challenges ariase, new risks will emerge as well thus you have to be alert to track new risks and monitor the mitigation plans assigned to older risk items. With new technologies and innovation solutions arising in the market, you should be engaged and well informed as they might be suitable for your organizations' risk mitigation plan

6 Tips for Risk Management Mastery: 1. Embrace Proactiveness: Don't wait for storms, anticipate them. Involve diverse perspectives, brainstorm risks, and plan mitigation strategies early. 2. Quantify the Threat: Assess the likelihood and impact of each risk. Is it a minor blizzard or a full-blown avalanche? Prioritize accordingly. 3. Diversify Your Toolkit: Don't rely on one mitigation strategy. Have a toolbox of options: avoidance, transfer, reduction, acceptance. 4. Communicate Like a Sherpa: Transparency is key. Keep stakeholders informed of risks and mitigation plans. Build trust and buy-in. 5. Change is inevitable. Regularly monitor progress, adapt strategies, and pivot as needed. Flexibility is your friend. 6.Learn from History.

Start by conducting a comprehensive risk assessment before initiating any activities. Develop tailored risk framework and afree with stakeholders, Identify potential risks, assess their impact, and prioritize them based on likelihood and severity and d evelop preventive measures, mitigation strategies, and contingency plans for identified risks. Foster a culture of open communication, encouraging team members to report and address risks promptly. Regularly review and update the risk management plan throughout the project lifecycle, adapting strategies as needed. Utilize risk management tools and technologies to enhance efficiency and accuracy. Engage key stakeholders in the process, obtaining diverse perspectives on potential risks.

It is important that the project manager approaches and involves risk management and other control functions in early phases of the project, so that any issues can be identified early and addressed with stakeholders, and factored into the design of processes and critical decisions of the project. If left at the last stages and as an afterthought, there can be instances where expensive and time consuming rework needs to be performed to address critical open risk issues, or pressure results in sub optimal assessment and consideration of risks leading to post implementation issues.

Hire a proper risk professional, one that has qualifications from a reputable institute, like the IRM (UK). The ideal candidate will also have led project risk management within your industry for several years.

Key objectives should be defined right from the beginning of the project. Once the objectives are well defined, respective business areas would all work together to achieve the same objective. On the flip side would be the obstacles/risks that is preventing the team from achieving its project. A holistic risk management framework should cover core areas such as operation, financial, strategic, legal, reputation and sustainability.