EFFICIENT RISK MANAGEMENT – IDENTIFY & REDUCE RISK

Modern companies require efficiency, and you only have a short time to prepare a project’s start-up. This means that you choose efficient methods and effective tools along the way, and scale in accordance.

How do you get efficient risk management?

Modern companies require efficiency, and you only have a short time to prepare a project’s start-up. This means that you choose efficient methods and effective tools along the way, and scale in accordance with the project’s complexity, strategic importance and scope.

Risk analysis is a part of this process.

Effective risk analyses

  • Ensure that participants have different perspectives and bagground.
  • Ensure that you can easily update the risk and opportunity register.
  • Involve key stakeholders who contribute to the project.
  • Use posters, cards and allow the participants to stand up.
  • Workshops with a facilitator, ensuring time is used efficiently, and people don’t get sidetracked.

Effective tools

  • Excel spreadsheets, which are used to register risks, mitigations, opportunities and development of opportunities.
  • Excel diagrams, which show an Executive Summary: Top 5 risks and Top 5 opportunities.
  • Excel diagrams, which show all of the data, e.g. groups them into project management, product, surroundings, organisation, etc.
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Training engineers in The Successive Principle.

Different perspectives = effective identification of risk

One of the most important ways to achieve effective risk analysis is to ensure that you have a diversity of participants. It is extremely important that the different perspectives are represented in the analysis group. For example, the pessimistic, optimistic, analytical, experienced managers, newly qualified, men and women.

This ensures that as many risk elements as possible are identified and the best mitigation plans are set up. In addition, ownership is ensured across the project and organisation.

A methapor is: The use of a broad spectrum analysis group is like using a broad spectrum pennecillin to cure a severe disease.

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Effective Score Cards

To carry out an effective risk workshop, it is a great advantage if you systematise your input. HKS-Consult has developed a series of scorecards for this purpose, which is easy to use. Go to download section to get these for free.

During the workshop, the participants fill out the scorecards with descriptions, scores, mitigation, risk owner, risk actions, their initials, etc., so that afterwards questions can be put to the participant who filled out the card.

This supports an effective, systematic summary along the way and makes it much easier to collect input into a risk spreadsheet afterwards. In addition, it shows to everyone that the analysis is carried out in an efficient and professional way.

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