A risk is any event that could prevent the project from progressing as planned, or from successful completion. It is important to be aware of potential risks in any industry and to make a contingency plan for them happening.
A risk management plan documents the processes, tools and procedures that will be used to manage and control those events that could have a negative impact in the workplace or on a specific project. It’s the controlling document for managing and controlling all projected risks.
Risk management plans are ongoing and changing documents. Projects evolve and change, and so should the accompanying risk management plan.
G2’s risk management plans are tailored to each of our clients unique needs and will address the following:
- Risk Identification: This is the first step in the proactive risk management process. It provides the opportunities, indicators, and information that allows an organization to raise major risks before they adversely affect operations and hence the business.
- Risk Assessment: The process where you identify hazards, analyze or evaluate the risk associated with that hazard and determine appropriate ways to eliminate or control the hazard.
- Risk Mitigation: The steps taken to reduce adverse effects.
- Risk Contingency Planning: Organizations that don’t make contingency plans often do poorly when setbacks happen. A contingency plan is a response plan for if those occurrences are realized.
- Risk Tracking and Reporting: This is a system of tracking potential risks, utilizing the contingency plan, and reporting the outcome. This is a useful tool as a project changes and evolves. It can also be used as part of a guideline for future project planning.
For example, in construction there is the risk of not being able to secure certain building or remodeling permits. If the risk is identified, then a risk assessment can be made, mitigation conducted if necessary, a contingency plan put in place and the risk can be tracked and reported. Building can stay on schedule, and financial and contract obligations stay on track.
G2 are risk management experts in a wide range of fields. Our risk management plans allow you to stay on track with your projects and business objectives.