Risk management is not just a tick box compliance exercise. While compliance is an important element of risk management, an effective risk management process can also be used to inform and support quality decision making, resulting in a successful project.
Here are three reasons why an effective risk management process is a must:
It helps define your project goals
An effective risk management process allows you to determine the overall objectives of your project, helping you stay on track to meet the goals of your project.
It prepares you for anything and everything
By dedicating time to think about how things might play out during the project implementation, you can prepare for any worst case scenarios that may pop up. Forward thinking will allow you to tackle any potential issues before they arise and will inform quality decision making.
It saves you time and money
Being prepared for every step of your project saves you time and money in the long run. In reviewing a number of unsuccessful projects, it has been found that these projects were often rushed into the execution phase. By taking the time to implement a proper risk management process into your project plan, stronger and successful project outcomes will be made.
Interested in learning more about risk management?
Take our free online course:
Risk Management for Projects
Learn how to manage risk in your organization by using the best processes and procedures.
You will learn:
- How the risk management process works as part of a compliance framework
- Use of frameworks to identify, assess and analyse risks in a business context
- Application of appropriate risk responses
- Design and integration strategies for reporting and communicating risks to various stakeholders
- Use of a monitor and review process, and application of risk management as an iterative process
This course is set to launch on the 24th May 2018 in self-paced mode.