Risk management is not a one-time event. During the course of a project, good project managers continue to help the team focus on monitoring risks and repeating the processes of identification and analysis as the project changes. Here are five tips for helping team members maintain their focus:
- Encourage open and transparent communication about risk.
- Remind the stakeholders that risks aren't just negative and "doom and gloom". Risks contain a positive component (opportunities) as well as a negative component (threats). Often with some focus, threats can reveal opportunities.
- Public reviews of hundreds of risks are not a valuable use of time. Focus on only the top 5-10 (or other numbers reasonably scaled for your project) for current activities. Make them a part of the periodic status review or report.
- Project changes can generate new risks. Be sure to include an evaluation of risks as part of your change management process to stay in front of them.
- Empower team leads and other key project members to enact risk response strategies when risks occur. Maintain regular communications with them.
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