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Ensure responsibilities and roles are clear By drawing on stakeholders for your risk planning, you will identify and gain insights into potential risks you may not have considered. Throughout the risk management process, stakeholders should be involved in the decision-making process. When youРІР‚в„ўre planning for risk, itРІР‚в„ўs important to call on the expertise of those who will be involved in the project (e.g team members, contractors), as well as experts within your organisation that can provide you with advice for planning for risk (e.g senior managers). For example, one organisation might be particularly vulnerable to its legal environment, while another may need to consider their societal impacts more closely. Various factors (political, technological, legal, societal, etc.) will impact organisations and industries differently. The risk strategy should be consistent with the overall goals and culture of the organisation.Р”В¬ontext is extremely important when considering project risk, as each organisation will have different tolerance levels to risks. If a risk that you have flagged, does end up occurring how will it impact the organisation, financially and reputationally?Р”В®ach organisation is going to have different desired outcomes and priorities and these should be integrated into the risk management plan. Factor in organisational goals and objectivesР”В®nsure your risk management plan ties in with your organisationРІР‚в„ўs overall goals and objectives. After risks have been identified and sourced, risk needs to be measured.Р”Сћ. Identify the cause of a potential risk and design preventative measures and a response if it was to occur. This is probably the most important principle of risk management РІР‚вЂњ make sure youРІР‚в„ўre ahead of the game by completing your risk assessment before the project commences. However, there are 7 key risk management principles that you can draw on when youРІР‚в„ўre looking at integrating a risk management plan into your project. A vital part of the role of a project manager, is to put in place strategies to avoid, manage, and recover from risk.Р”Р„ll industries and organisations manage risk a little differently.

It isn't enough to be prepared for the damage if the risk were to occur. Risk management is learning the roads, examining the conditions of the route youРІР‚в„ўre about to take and any potential issues. Projects of all sizes require risk management in some form.Р’В If you think of your project as a road, risks are potholes and sharp bends.

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The risk management process should integrate both the internal and external context when planning for risk.Р”Вownload our free risk management plan templates In addition, each organisation communicates risk differently, and has their own internal culture and risk management protocol. Building a good risk management plan will help protect your company's resources, reputation, and people.

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