Risk Register Best Practices for Project Management
There are many potential risks on any project. Identifying those risks is a first step to getting control. But once you get those risks identified with your team, you will need to monitor them regularly, discuss developments on the project and manage a myriad of key metrics that can tell you whether a risk is happening or not and what effect it might have on your project.
Risks can easily get out of control!
The answer is to develop a basic Risk Register where you can record all of your risks from the beginning. Then you can incorporate the key metrics you want to monitor: probability, impact, key indicators and triggers and the like, and final disposition. Finally, you want to ensure that all key team members can readily access the Risk Register as a central point of focus for continuous participation in the risk management process.
When you employ your Risk Register, you take a step to make the risk management process as easy and palatable as possible.
Now, with your Risk Register, consider these ideas to keep your risks under control:
The Risk Register is a place for central focus of your project team’s attention on managing risks. I have shown a number of ways to use it, but the main key is to use it regularly and with critical interest across the team. Ensure that it includes the metrics that you will want to monitor, especially probability and impact. In addition, remember that these metrics can change over time with conditions, as, for example, the probability of a risk even occurring can increase or decrease over time, and the impact can change, too. Finally, make sure that all PM team members have ready access to the Risk Register, recognize it as a living document and take shared ownership of it throughout the life of the project.
Risk Register Best Practices for Project Management
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