Once risks are identified, assessed, and countermeasures and contingencies established they should be documented in the project risk log or risk register and an owner assigned.
You don’t concentrate on risks. You concentrate on results. No risk is too great to prevent the necessary job from getting done. – Chuck Yeager
The Risk Log
Moreover, since risk management is an ongoing ― cyclic ― activity it is essential that project managers continually manage risk as part of the project control cycle and regularly perform the following activities
- Maintain and monitor the risk log with the project team and reassess the proximity, likelihood and seriousness of impact.
- Log all new risks and categorise them using the process described.
- Report risks and the action being taken to deal with them in regular project progress (or highlight) reports.
Don’t be afraid to take a big step. You can’t cross a chasm in two small jumps. – David Lloyd George
If a risk does occur the risk log should be updated and an issue recorded in the issue log. Likewise. if a risk is eliminated or neutralised the risk log entry can be safely closed since it no longer requires your attention.
Do you manage risk? Or do you leave things to chance?
Creative Commons image courtesy Heidi Lu.