Approach To Risk Management

Everything seems trouble when you are planning a project and the way to approach them is not clear at the beginning, it is the real challenge to be a manager (not necessarily Project Manager). Although, many risks will be unforeseeable and we should use our experience to have a strategy to perform when we faced them.

One important thing to consider is “We are not alone on this”, we can gather our teams to select and classify the risks, after that, continue with the depuration of the list and prepare the contingency plan. It might seem unbelievable how modern companies have not a clear idea to attend the risks, these issues in running time can bring many problems to the organizations and the mitigation at that point could be complicated.

When we speak about risks, since the smallest to the biggest one are included, we should prioritize them and understand the real problem to offer a solution. For instance, I can remember a case in a retailer company where an employee change the price on the products incorrectly, from $USD 9999.00 to $USD 9.99900, it represented millions in lost for the company, however, they had an assurance coverage on this topic, so “someone” within the company foresaw a similar risk like that could happen. Another good example of risk is when Samsung released the Galaxy Note 6 and the device battery exploded under weird circumstances, the solution in this case was remove the phone from the market, because it was not planned.

Probably, I will write about how to organize a source of truth for management, in this case it is important to write down our experiences facing troubles and how we approached them, this logs should be part of our governance documents, not doubt.