Project Risk Management is an essential activity often marginalised to the early phase of a project and subsequently neglected as projects protract in complexity. This type of risk management is a mere box-ticking exercise by ineffective project managers leading to perplexed project teams, pricey and perpetual delays – even cancelled projects. The irony here of course is the risk posed to the project by poor risk management is high and not easily fixed.
Detailed risk management must play an important role over the full lifecycle of any project – risk is not static or finite, nor can all risk be predicted at one time – therefore artefacts such as a Risk Register, Risk Assessment Plans and Risk Management Plans produced as part of the due diligence need to be maintained as living documents for risk to be mitigated.
Too often a risk management plan consists only of the identification of risk – as though its identification will automatically negate it happening. Good risk management details and documents all the known risks to a project but great risk management is able to identify the potential ripple effects of those risks if realised, and detail appropriate preventative mitigation plans as well as highlight further risk which may be incurred out of the mitigation plan itself.
In addition, with the best will in the world, sometimes the risks do realise, and if there is no contingency plan in place, then the project team is left scrambling and the risk management has ultimately failed.
Aspira’s expertise at risk management is unparalleled and our approach is not easily replicated.
- Review your risk management policies and procedures, offering solutions to strengthen your risk exposure.
- Provide in depth risk identification, with full detail of the secondary risks posed.
- Do a detailed risk analysis, identifying potentially impacted business and technological functions and plans.
- Prioritize your risk based on your key criteria – financial, customer impacting, business critical – whatever your key criteria are, we can work to help you prioritize, guiding influence, effort and budget to where it needs to be.
- Creates risk mitigation plans, addressing how those risks will be treated – how they will be mitigated to prevent them happening, and the plans that needs to fall into place if they do.
- Identify your impacted stakeholders – this goes far beyond your standard RACI matrix – this outlines your key stakeholders and the impact that risk realisation may have on their interests in your project.
If your project requires a solid risk management foundation, an inflight risk assessment or a review of how risks were dealt with, Aspira has the expertise to expedite your risk management plan and limit your exposure.
Aspira’s Risk Management has resulted in our clients being able to:
- Achieve complete business buy-in on the decision for projects to proceed based on complete risk assessment, offering confidence in budget stability.
- Competently budget for contingencies based on the prioritization of risk and their likelihood to occur.
- Allow Project Managers to focus on the day to day project tasks rather than risk mitigation planning.
- Save time and budget by having plans in place which can be immediately executed if risks do realise.
- Allow project managers to immediately brief senior execs on impacts to a project due to risks that have realised.
- Improve communication and allow for key stakeholders to be identified quickly.
- Stop work backlogs and resource inefficiencies by concentrating on key high risk areas.
- Complete projects smoothly engaging whether engaging in risk mitigation or risk treatment plans.