Risk Management Process - Practical techniques for identifying risks

 Risk management process is a unique thing within organizations operating in all sectors and sectors of business sustainability. In today's competitive and complex environment, it is now one of the most important decision-making functions in an organization compared to the days when risk management was seen as a support function. 

According to ISO 31000 - International Risk Management System, the risk management process includes risk identification, risk analysis, risk assessment, risk management, risk monitoring and evaluation, communication and risk culture. Risk management helps organizations identify and assess. Analyzing, monitoring and mitigating risks that threaten organizational goals. 

Practical techniques for identifying risks:

Step 1: Get the team together

Most project teams are made up of a mix of senior and more experienced members who mine their historical databases to identify project risks. and new and less experienced members who look at project risks with fresh eyes. Your team members are also likely to be a mix of personality types across the introvert-extrovert spectrum. Your challenge is to bring together complementary and diverse perspectives to capture the wealth of project risks you wish to identify. 

Step 2: Each team member contributes risks

When you create your team in person or online, ask each team member to contribute a set number of missions. Depending on the size of your project, 5-10 risks per team member are realistic. Asking about these risks in writing has the advantage that each team member thinks about the risks individually and independently. This independent thinking, not guided or influenced by other, perhaps more dominant, team members, results in a range of different risks where more potential risks are identified. 

Step 3: Collate and group the risks

After collecting risks, combine duplicate risks and group them into categories. Group risks into categories and group them together in an orderly and orderly manner. There are usually 10-15 high level classes. For example, the three project constraints, cost, time, and scope, are common risk categories. The number and type of categories depends on the project and the management system of the organization. 

Step 4: Use a mind map to display risks visually

Mind mapping is a powerful technique for presenting a large number of risks in a streamlined and compact visual form. A mind map is a diagram based on a central concept. In our case, the central concept is project risk. Mind maps use a non-linear graphic format to outline ideas around a central concept. Imagine a spiderweb or a wheelbarrow.