Tips for Project Risk Management Success

The benefits of risk management are vast, yet for many projects this is an area still commonly overlooked. By applying simple and consistent risk management techniques we can easily minimise the impact of potential threats as well as leverage potential opportunities. This not only ensures meeting the agreed scope, cost and time but also improves the overall health and efficiency of the project operation, team members and wider stakeholders. This article comes back to the basics on the key rules of managing risk, to ensure your projects are consistently delivered with full success.

Tip #1 – Implement a solid identification process
Sounds simple right. However there are still many projects today that are managed with absolutely no formal risk identification incorporated. Then there are others that think they are using risk management appropriately but are not applying the correct techniques to identify risks. The identification process will depend on the project, the organisation and the company culture involved. So it is best to consider those areas when determining the most effective approach. This could be as simple as educating the team on what a risk actually is and asking them periodically to review the landscape for new risks. Or for large projects the PMO can be leveraged to ensure risk identification is included in the drumbeat.

Tip #2 – Be positive
Risk management includes identifying and managing both negative risks and positive ones, yet most projects typically seem to focus only on the negative ones. Ensure to add clear reminders and pointers within your risk management process to consider positive risks. A deliverable being delivered well before its due date can be a good thing, but also can have unforeseen impacts on other areas or leave the project operating inefficiently. On the other hand such a positive risk can actually help to balance out the impact of negative risks in other areas.

Tip #3 – Prioritise for efficiency
All risks are not equal and there is always limitations around how much resource can be applied to mitigate them. As such it is essential to classify risks in terms of ‘probability’ or how likely the risk is to occur and ‘impact’ level if the risk materialises into an issue. By doing so will allow the project manager and all team members to easily see which risks are priority to focus on. Use of a risk register template is a very effective means of doing so. Most organisations would have a standard template for this or if not there are many that can be found online.

Tip #4 – Apply correct ownership
It is often common for people within the project organisation to assume that the project manager owns all risks but this is completely false. Risks can affect wide areas of the wider stakeholder group and it is typical that resources with the relevant knowledge or skills in that area are much better placed to become the owner of the risk and to carry out the appropriate mitigation actions.

Tip #5 – Communicate and track to closure
With correct identification, classification and owner allocation in place we need to be careful as project managers that this is not considered to be the final step in the process of risk management. At this stage it is critical that the risks are correctly communicated. Firstly to the owner assigned to manage the mitigation actions and secondly to the wider stakeholder group affected so they are aware of the risk and potential impact to their respective areas. It is also then essential that the risks are regularly monitored and tracked through to closure regarding progress on mitigation actions and potentially changes to the impact / probability classifications as those actions come to fruition.

Tips to Set-Up Your Own Company As a Foreigner

There’s nothing like setting up an offshore company, but you also need to understand the limitations you have. The primary restriction being the laws in the foreign country, you will need to make sure the support of a legal expert. Though you can read articles and books on the business laws of your desired country, the chances of knowing them all are less.

Law, as you may know, is ever-changing and you can’t really do much about it other than keeping yourself updated with the nitty-gritty. Therefore, you must have a trusted legal partner with you who will work for your interest. Here are a few tips to help you find a good legal expert;

· Review Online Listings of the Lawyers: There are websites that give free reviews of the businesses.

· Ask for Recommendations and Referrals: Speak to your friends and family members who have had recently worked with lawyers. Ask them who they hired, what kind of service they have opted for and where they happy with the services. It is equally important to ask whether they would recommend.

· Make a List of Potential Attorneys: While doing so, jot down the attorney’s name, contact number, address and website address. This way you can organize your search.

· Review Attorney’s Website: Every website usually provides information about each attorney who is working for the firm. It is suggested to check the attorneys’ educational background as well as the work history. Typically, you should seek a lawyer with at least 3 to 5 years of experience in practicing the kind of law you need help with.

· Write out Questions about the Lawyer’s Practice: Generally, you will find the basic information about the lawyers online, say such as; how long she/he has worked and/or where and when she/he went to the law school. But there are certain areas that you will need asking questions; like not every firm states their pricing online as that may vary from one lawyer to another.

Plus you will need to know about the time frame, right? You should ask them a tentative time period for the delivery of work. Similarly, you need to ask about their availability. Ask how quickly the attorney can start working on your assignment and then decide so.

· Bring Documents to the Meeting: If you have fixed a meeting with the lawyer, he/she may ask you to bring the documents. Make sure you have them with you. Show it to the lawyer so that he can have a better understanding of your situation.