Risk Management Approach And Plan: Three Keys To Improving Risk Management: Risk Management Solutions

When you fail to plan, you're planning to fail. We'd all like to think that our project will go smoothly. But ignoring potential risks isn't just being overly optimistic. It's downright dangerous. Whether you are a small to medium-size enterprise or a large corporation, risk management is a key function. For this reason, it's critical that every business has an effective risk management strategy.

It enables you to highlight the risks that your project is exposed to. It also allows you to develop a contingency plan to overcome them. Some of its main aims are to secure an organization's cash flow, to protect its reputation and resources, and to ensure projects stay within budget.
Risk management consists of a three-step process. First, you identify the potential risks to your project. Second, you assess the risks in terms of their probability and severity and prioritize them accordingly. And third, you deal with the biggest risks to your project by creating an effective plan of action.
This course describes how to carry out the first step, identifying risks. You'll learn about the different risk identification techniques involved, such as root cause analysis and documentation reviews, and you'll find out when they should be used. You'll then examine one specific technique, brainstorming, in further detail. You'll learn how to prepare and conduct your session and manage group dynamics. You'll then have an opportunity to practice facilitating a brainstorming session in a simulated situation.
At the end of this course, you should be better able to identify risks to your project. And you should find it easier to overcome some of the challenges of conducting a brainstorming session.