7/20/2019 2:45 PM
Risk management is becoming an important element for a safe business environment, as confirmed by the most recognizable European Foundation for Quality Management (EFQM). We deal with risk in our personal life every day even without knowing it. It’s the same in professional fields. The risk in project management ranks as one of the most important factors when it comes to tipping the balance between favorable and unfavorable results.
There are many ways to address risk management, but they all agree on the first step: identify risk factors. The following diagram shows an appropriate process to assess risks:
The first phase of risk identification is knowing the type of risk factors. Here are some of the possible risks that your organization may be facing:
Risk management should be integrated into the processes of the organization, i.e. it should not be conceived as an isolated activity or responsibility lies only on some employees. It is the duty of all members of the organization, especially in the area of management.
Take actions to eliminate, reduce, minimize and monitor the risks. One good way is to use the help of professional risk management software.
If we are clear that project management plays an important role in our company, we must also be aware of the importance of risk management. The result of taking a risk should not always lead to negative results or should not be conceived as necessarily negative. Sometimes it can make a positive deviation from schedule, which may also means an opportunity. But be cautious to the uncertainty because it seems random and too risky when it comes to operating a company, so any company that wants to survive should control the risks involved in their activities.