5 Tips for Improving Risk Management Planning

risk management Sep 15, 2019
5 Tips for Improving Risk Management Planning
From Risk Assessment Framework: Successfully Navigating Uncertainty.

How much risk management and risk management planning is enough? There is no immediate answer to this question; however, a good starting point is to consider the following objectives and constraints:
  1. Costs and time of implementing risk management are proportionate to the costs and time of the projects -less than 10% is a reasonable starting figure.
  2. Identified, key opportunities generate benefits, potentially offsetting the negative impact of threats.
  3. Planning avoids or proactively mitigates critical and catastrophic risks.
  4. Risks are proactively managed - the plan put the team in control.
  5. Key metrics measure the success of risk management and establish the groundwork for continuous improvement.

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