{"id":2196,"date":"2024-01-14T06:48:44","date_gmt":"2024-01-14T06:48:44","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=2196"},"modified":"2024-07-18T07:14:51","modified_gmt":"2024-07-17T21:14:51","slug":"coe-risk-2-risk-identification-and-assessment-techniques","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=2196","title":{"rendered":"CoE Risk #2: Risk Identification and Assessment Techniques"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">What Great Looks Like: Best Practices and Tools for Successful Risk Management<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Risk management is a critical aspect of program management. In order to ensure the success of a program, project managers must be able to identify and assess potential risks, and implement effective risk management strategies to mitigate those risks. In this blog, we will discuss some best practices and tools for successful risk management, with a focus on risk identification and assessment techniques.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Series<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You will find this post is one of several in the series I have focused on Risk: Check out the other <a href=\"https:\/\/murrayslatter.me\/?p=2183\">posts here<\/a>. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The Risk Management Handbook: A Practical Guide to Managing the Multiple Dimensions of Risk\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_U81N9d5Rq7cVa4&#038;asin=B0BYF78LFY&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Best Practices for Risk Identification<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Risk identification is the process of identifying potential risks that could impact a program. Here are some best practices for effective risk identification:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Involve stakeholders: Engage all stakeholders in the risk identification process to ensure that potential risks are identified from all perspectives.<\/li>\n\n\n\n<li>Use a structured approach: Use a structured approach, such as brainstorming or a risk checklist, to ensure that all potential risks are identified.<\/li>\n\n\n\n<li>Consider both internal and external risks: Consider both internal risks, such as resource constraints or stakeholder conflict, and external risks, such as market fluctuations or regulatory changes.<\/li>\n\n\n\n<li>Continuously review risks: Continuously review risks throughout the program lifecycle to ensure that new risks are identified and assessed.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The Failure of Risk Management: Why It&#039;s Broken and How to Fix It\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_VolkAS7DWjgBWE&#038;asin=111952203X&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Best Practices for Risk Assessment<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Risk assessment is the process of evaluating potential risks to determine their likelihood and potential impact on a program. Here are some best practices for effective risk assessment:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Use a risk matrix:<\/strong> A risk matrix is a tool that can be used to assess risks based on their likelihood and potential impact. This can help project managers prioritize risks and determine which risks require the most attention.<\/li>\n\n\n\n<li><strong>Consider the interdependencies between risks<\/strong>: Consider how different risks may be interdependent, and how the impact of one risk may be compounded by the presence of another risk.<\/li>\n\n\n\n<li><strong>Involve subject matter experts: <\/strong>Involve subject matter experts in the risk assessment process to ensure that risks are evaluated accurately and thoroughly.<\/li>\n\n\n\n<li>Use data and analytics: Use data and analytics to inform risk assessments, such as historical data on similar programs or industry benchmarks.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-amazon wp-block-embed-amazon\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Practical Project Risk Management: The ATOM Methodology\" type=\"text\/html\" width=\"640\" height=\"550\" frameborder=\"0\" allowfullscreen style=\"max-width:100%\" src=\"https:\/\/read.amazon.com.au\/kp\/card?preview=inline&#038;linkCode=ll1&#038;ref_=k4w_oembed_vWs98e3jgremIh&#038;asin=1567263666&#038;tag=bywineexecu09-22\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Tools for Risk Identification and Assessment<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are many tools available to assist with risk identification and assessment. Some commonly used tools include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Brainstorming: <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Brainstorming is a technique that can be used to generate ideas and identify potential risks. It involves gathering a group of stakeholders together and encouraging them to freely share their ideas and concerns.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">SWOT analysis: <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SWOT analysis is a tool used to identify both internal and external factors that impact a program. It stands for Strengths, Weaknesses, Opportunities, and Threats.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Risk checklists: <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Risk checklists are lists of common risks that can be used as a starting point for risk identification.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Monte Carlo simulation: <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Monte Carlo simulation is a technique that can be used to model the impact of different risks on a program, and to determine the likelihood of different outcomes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key takeaways<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In conclusion, effective risk identification and assessment are critical components of successful risk management in program management. By following best practices and using the right tools, project managers can ensure that potential risks are identified, evaluated, and managed effectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Risk Identification and Assessment Techniques &#8211; Best Practice Thinkers<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Some of the best thinkers in the space of Risk Identification and Assessment Techniques, along with their notable works:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li><strong>Douglas Hubbard<\/strong>: Douglas Hubbard is the author of <a href=\"https:\/\/www.amazon.com.au\/Failure-Risk-Management-Broken-Second\/dp\/111952203X?crid=1UH23T49IJXHA&amp;keywords=%22The+Failure+of+Risk+Management%3A+Why+It%27s+Broken+and+How+to+Fix+It%2C%22&amp;qid=1704603007&amp;sprefix=the+failure+of+risk+management+why+it%27s+broken+and+how+to+fix+it+%2Caps%2C485&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=7ecc8063a71c349fec1e055d33725f79&amp;language=en_AU&amp;ref_=as_li_ss_tl\">&#8220;The Failure of Risk Management: Why It&#8217;s Broken and How to Fix It&#8221;<\/a>.  In his book, Hubbard argues that traditional risk management techniques are flawed and proposes an alternative approach based on quantitative analysis and measurement.<\/li>\n\n\n\n<li><strong>David Hillson:<\/strong> David Hillson is the author of &#8220;<a href=\"https:\/\/www.amazon.com.au\/Risk-Management-Handbook-Practical-Dimensions-ebook\/dp\/B0BYF78LFY?crid=2E3S3YUUJ8LFQ&amp;keywords=hillson+%22The+Risk+Management+Handbook.%22&amp;qid=1704603058&amp;sprefix=hillson%22the+risk+management+handbook+%2Caps%2C219&amp;sr=8-1&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=f7fe6bb3758135b01871d6963232426e&amp;language=en_AU&amp;ref_=as_li_ss_tl\">Risk Management: Tricks of the Trade for Project Managers&#8221;<\/a>. In his book, Hillson provides practical advice and tools for effective risk management, including risk identification and assessment techniques.<\/li>\n\n\n\n<li><strong>David Hillson<\/strong> et al:  &#8220;<a href=\"https:\/\/www.amazon.com.au\/Practical-Project-Management-David-Hillson\/dp\/1567263666?crid=2XXIPX8INBAZ1&amp;keywords=Practical+Project+Risk+Management%3A+The+ATOM+Methodology&amp;qid=1704604441&amp;sprefix=practical+project+risk+management+the+atom+methodology%2Caps%2C232&amp;sr=8-2&amp;linkCode=ll1&amp;tag=bywineexecu09-22&amp;linkId=49a3127ee0847e252d728ec29febd931&amp;language=en_AU&amp;ref_=as_li_ss_tl\">Practical Project Risk Management: The ATOM Methodology<\/a>&#8220;<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">What Separates Great from Good?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What separates great from good risk identification and assessment techniques? The ability to accurately identify and assess risks, and to implement effective risk management strategies to mitigate those risks. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Great<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Great risk managers use a structured and systematic approach to risk identification and assessment and involve all stakeholders in the process. They also continuously review risks throughout the program lifecycle and use data and analytics to inform risk assessments. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Excellent risk managers communicate risks and their potential impact to all stakeholders effectively and are proactive in implementing risk management strategies to mitigate potential risks. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, great risk managers are those who effectively manage risks in a way that minimizes the impact on the program and maximizes the chances of success.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Great Looks Like: Best Practices and Tools for Successful Risk Management Risk management is a critical aspect of program management. In order to ensure the success of a program, project managers must be able to identify and assess potential [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[87,51],"class_list":["post-2196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coe-risk-management","tag-coerisk","tag-series","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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Effective risk management enables project and program managers to identify potential risks, assess their likelihood and impact, develop strategies to mitigate or respond to those risks, and\u2026","rel":"","context":"In &quot;CoE - Risk Management&quot;","block_context":{"text":"CoE - Risk Management","link":"https:\/\/murrayslatter.me\/?cat=33"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2226,"url":"https:\/\/murrayslatter.me\/?p=2226","url_meta":{"origin":2196,"position":1},"title":"PMF #3 of 12: Managing Risks in Capital Programs","author":"Murray Slatter","date":"January 20, 2024","format":false,"excerpt":"Great Risk management is foundation in capital program management. Risks can cause major disruptions leading project and program failure.","rel":"","context":"In &quot;CoE - Program Management Fundimentals&quot;","block_context":{"text":"CoE - Program Management Fundimentals","link":"https:\/\/murrayslatter.me\/?cat=34"},"img":{"alt_text":"Effective risk management is an essential part of successful capital program management.","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/01\/QF-002-1-401-Linkedin-Brand-Slide-Program-ManagementSlide4.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/01\/QF-002-1-401-Linkedin-Brand-Slide-Program-ManagementSlide4.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/01\/QF-002-1-401-Linkedin-Brand-Slide-Program-ManagementSlide4.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/01\/QF-002-1-401-Linkedin-Brand-Slide-Program-ManagementSlide4.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/01\/QF-002-1-401-Linkedin-Brand-Slide-Program-ManagementSlide4.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2382,"url":"https:\/\/murrayslatter.me\/?p=2382","url_meta":{"origin":2196,"position":2},"title":"CoE Risk #7: Risk and Program Governance","author":"Murray Slatter","date":"January 14, 2024","format":false,"excerpt":"Best Practices and Examples from Leading Organizations The world of project and program management is fraught with uncertainties that can jeopardize even the most well-planned projects. Understanding the fundamentals of Risk and Program Governance is not merely about being cautious but about being smart and strategic in anticipating, analyzing, and\u2026","rel":"","context":"In &quot;CoE - Risk Management&quot;","block_context":{"text":"CoE - Risk Management","link":"https:\/\/murrayslatter.me\/?cat=33"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide8.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide8.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide8.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide8.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide8.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2386,"url":"https:\/\/murrayslatter.me\/?p=2386","url_meta":{"origin":2196,"position":3},"title":"CoE Risk #11: The Role of Data and Analytics in Risk Management","author":"Murray Slatter","date":"January 14, 2024","format":false,"excerpt":"In this blog, we will explore the cutting-edge practices and tools that harness data analytics for risk assessment, drawing on the expertise of leading thinkers in the field to significantly enhance the project management landscape.","rel":"","context":"In &quot;CoE - Risk Management&quot;","block_context":{"text":"CoE - Risk Management","link":"https:\/\/murrayslatter.me\/?cat=33"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide12.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide12.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide12.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide12.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide12.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":2380,"url":"https:\/\/murrayslatter.me\/?p=2380","url_meta":{"origin":2196,"position":4},"title":"CoE Risk #5: Risk Mitigation and Response Strategies","author":"Murray Slatter","date":"January 14, 2024","format":false,"excerpt":"Lessons Learned from Successful Programs When it comes to risk mitigation and response strategies, the difference between a good program and a great one often comes down to the depth of understanding and the application of learned lessons. This blog aims to stretch the professional acumen of project managers by\u2026","rel":"","context":"In &quot;CoE - Risk Management&quot;","block_context":{"text":"CoE - Risk Management","link":"https:\/\/murrayslatter.me\/?cat=33"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide6.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide6.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide6.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide6.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2023\/12\/Risk-CoE-Slide6.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3123,"url":"https:\/\/murrayslatter.me\/?p=3123","url_meta":{"origin":2196,"position":5},"title":"Series: Elevating Enterprise Risk Management to World-Class Standards","author":"Murray Slatter","date":"July 7, 2024","format":false,"excerpt":"Welcome to the inaugural post of my new series, where I embark on a journey to explore the intricacies of Enterprise Risk Management (ERM) and I, with my team is setting the benchmark for excellence in this critical field. 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