Risk Management: Expect the best, plan for the worst…
What is Risk Management?
Risk management is a business tool for forecasting potential risks, and then identifying ways to either prevent these issues from occurring, or minimising their impact.
When sketching out a business plan or scoping your next project, looking out for potential disaster is never high on your list of priorities.
However, risk management is so crucial to the success of any business undertaking or project. Without it, you’re simply crossing your fingers and hoping that all goes to plan.
Why take the time to incorporate risk management into your business or project plan?
Key Benefits of Risk Management
Here are 6 key benefits of taking the time to carry out Risk Management procedures:
Outlined Actions for Response
Risk management enables you to identify factors that may negatively impact your business or project. You can then either put prevention measures in place, and / or develop actions for response if any of these factors should occur.
Gain Clarity, Ownership, Consistency
A clear risk management plan will denote ownership of each action, and clearly outline the responses required by each person. This enables a consistent response to any issues that may occur.
When developing a risk management plan, the contingencies are built into your overall scope, and all stakeholders are aware of what steps must be taken, should any of the identified risks occur.
Risk management plans and logs are useful from both an operational and strategic perspective. They serve as useful tools for leadership teams for review and forward planning.
Customise for Your Business
No one understands your business or project better than you do. Creating a risk management plan specific to your upcoming projects or day-to-day business is a highly tailored way to identify challenges.
Risk management helps to build trust with stakeholders. It creates a clear outline for all involved in a project, and helps to manage expectations, should any factors negatively impact the project.
When you consider these benefits, you’ll really begin to see why Risk Management is actually the best way to work towards success. If you’re truly invested in the success of our project or next business venture, it may be time to get a cup of strong coffee, grit your teeth, and think of all the ways it could go wrong…
A Customised Bootcamp in Risk Management
Our 1-day Risk Management Workshop is available for in-company bookings. We deliver a workshop tailored around the challenges your business or project may potentially face, and work with your team to identify the potential risks, and use best practices in implementing contingencies.
You can find out more about how this can work for a project management or leadership team of any size by clicking below to download the workshop brochure, or asking us a quick question / requesting a customised quotation.
You can download your free project management course guide below or simply ask us any project management question you might have.