Risk Management Associations
Effective project risk management is crucial for the success of projects. Project risks which remain unidentified or which are not mitigated in any manner stand to undermine all other areas of project management. Specifically, projects risks that are not adequately managed stand to impact the time, quality and budget constraints of a project or, in some cases, the wider organisation.
What is Risk Management?
Risk management, in the context of project management, is a forward-looking process for the identification, assessment and management of risks. In the project management context, the premise remains the same. Project risk management is a process of looking forward, identifying potential risks, analysing and assessing them and then putting plans in place to monitor or treat them.
Effective risk management requires a proactive approach, early risk identification, an appropriate level of documentation of risks via a risk register and the involvement of all relevant stakeholders in all stages of the risk management process.
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