This Guest paper was submitted for publication in July 2020.
It is copyright to Jordan MacAvoy 2020.
Published here November 2020.

Introduction | An Overview of Project vs. Risk Management 
Risk Management in Projects | Risk Management and Communication Plan
Prioritizing and Analysis | Risk Response and Regular Reporting
How Project Managers Can Assist with Risk Management Tasks | Conclusion

Risk Management and Communication Plan

1.  Make risk management an essential part of the project

Making risk management part of the entire project framework is critical towards meeting your goals. You can do this by hiring professionals who have expertise and experience in managing potential threats. Such personnel not only help you prepare realistic and detailed plans, but they can also train internal team members on how to detect risks during early stages.

You can embed risk management into project planning by exploring many different risk identification techniques. A trial and error process is sometimes necessary to find the best way of identifying and analyzing risks in line with project goals. You may also explore risk identification methods that best leverage current technologies such as artificial intelligence and project management tools. For example, IT-related risks typically occur during the development, execution, or integration phases. By categorizing potential risks into these groups, you can optimize the risk identification process.

2.  Develop a risk communication plan

After putting in place robust risk identification and analysis measures, the next step is to develop a communication plan. Risk communication allows the entire team to find out what's happening as soon as a potential risk is identified. Furthermore, effective communication streamlines the risk management process because you can coordinate efforts more efficiently, even during large complicated projects.

The best way of establishing an effective communication plan is by making it easier for employees to report risks while working on specific tasks. A clear communication channel should be embedded into daily workflows so that potential threats can be identified (and responded to) faster. Furthermore, the communication channel should include details such as the type of risk, its potential impact, and possible mitigation steps. Project managers also have the responsibility of creating a comfortable environment where team members can report risks without feeling stigmatized.

Risk Management in Projects  Risk Management in Projects

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