The Risk Management SIG (RiskSIG) provides forums for the professional exchange of ideas on a myriad of topics related to the management of risk in projects. Experts and practitioners from Public and Private sectors share their knowledge and experience.
The Risk Management SIG is in the forefront of developing concepts and ideas. Members share their "Lessons Learned," practical ideas and real life solutions that you can take back to your organization.
The Risk Management SIG will help you gain valuable new perspectives for implementing risk management in your projects. Professional interchange with experts from various industries will broaden your view of risk management and serve to improve your management of projects.
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Q - How do you choose your risk categories to enable reporting? Do you use a formal Risk Breakdown Structure?
In my opinion, the final answer to this question largely depends upon the organization’s project and risk management maturity level. It’s which journey is taken that varies. In either case, an RBS or checklist is always the best.
For the more mature organization, project history files should exist. Knowledgeable business experts can be readily identified and interviewed. The files should also contain information about what went right and wrong, lessons learned, etc. These sources help establish the baseline RBS and/or checklist that captures recurring events within your particular business environment that should be considered. It is then just a matter of diligence to keep these products up to date/expanded to incorporate new experiences.
For the less mature organization (the mature one can consider this as well), generic industry based checklists can be an effective starting point to build the initial RBS, as well as discussions with experienced PMs within the organization. Like before, keeping these work products updated with new experiences is critical.
In both cases, a formal RBS is advantageous, as it ensures the project team routinely focuses on a given set of potential areas for examination. It relieves them of the need to expend critical time to “re-think” the routine ones, and thereby provide more time to creatively examine the effort for project unique conditions.
- Craig Peterson, RiskSIG President
I would also add that it is always a good idea to review recent projects to diagnose any significant problems that were encountered. For any cases of schedule slippage, cost overrun, overtime required, or other issues, use root cause analysis and other techniques to ascertain why the problems occurred. For any situations that could recur on current or future projects (which will be most of them), ensure that the identified root causes are listed in your risk register and RBS templates.
- Tom Kendrick, RiskSIG Director, Region 2 (Western Americas)
The articles or comments published in the RiskSIG newsletter or on the RiskSIG web site do not necessarily reflect the views of the Risk Management SIG.