Risk Management: The Key to Execution

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Risk management, a critical component of project execution, is often perceived as a complex and daunting task. However, the methodologies underpinning this process are, in reality, relatively straightforward. Risk management involves identifying potential risks, assessing their impact, and implementing strategies to mitigate them. The process is well documented, reflects common sense, and scales across various business sizes and industries. 

The Challenge: Execution

Despite the conceptual simplicity of risk management, businesses frequently encounter significant challenges when it comes to execution. Too often, a project kicks off with a solid commitment to risk management, but within a few weeks, the risk register lies untouched, mitigation plans go unwritten, and the risk meeting is ignored. Why does this happen? One of the most common hurdles is time constraints. Between tight schedules and lean staffing, businesses claim they don't have the time to dedicate to proper risk management practices. The irony is that time invested in risk management can save considerable time and resources in the long run by avoiding or mitigating project-breaking issues. 

The Solution: Process Integration

The solution to this problem lies in integrating risk management into daily routines and explicitly including risk tasks in the project plan. This approach ensures that risk management becomes a part of the project's DNA rather than an afterthought or a box-ticking exercise. Here are a few practical ways to do this:

• Have people create a weekly reminder in their calendar to check the risk register for changes. Ask them to set aside half an hour to do this.
• Instead of having a standalone risk meeting, extend the weekly project meeting by half an hour to update the risk register with the entire team present.
• When mitigation tasks emerge from risk planning, add them to the project plan and allocate resources to complete them. Ensure there is a target date and completion criteria, just like you have for other project tasks.

Incorporating risk management into everyday business practices significantly improves project results and cultivates an organizational culture that actively anticipates and manages risks. This proactive approach lays a solid foundation for long-term success.

Risk Register by ProjectBalm

Effective risk management is much easier when you have an appropriate tool. This is one reason we created Risk Register by ProjectBalm.

Our goal was to automate best practice risk management techniques, and do so via an elegant, usable interface that works with you, and not against you. Risk Register will help you to identify, analyse, treat and monitor risks more easily and effectively than ever before.

If you are experienced at risk management, you will find in Risk Register a tool that works the way you want it to work. If you are new to risk management, our documentation and videos will take you through the whole risk management process, giving lots of useful examples.

Risk Register is fully compatible with risk management standards such as ISO 31000, and can also be used for governance, risk, and compliance (GRC) programs such as Sarbanes-Oxley and PCI. And, of course, Risk Register allows you to easily distinguish between opportunities and threats.

Over the last few years, we've grown to become the most popular risk management solution in the Jira marketplace and we are now an Atlassian Platinum Partner. Why not try out Risk Register by ProjectBalm for yourself?