How to Prevent Project Failure With a Risk Register

risk register

What do professional skydivers and successful project managers have in common?

They both identify, assess, and plan for risks.

Skydivers look at the conditions, equipment, and capabilities before, during, and after they jump out of planes. Project managers look at the conditions, equipment, and capabilities before, during, and after projects.

Why do they do that?

To stay on top of potential issues that could derail intended outcomes” – Project Manager, Guide to Using a Risk Register

How do they do that?

Well, I don’t know how skydivers do it, but to identify, assess, and plan for risks, a good project manager is never far away from a risk register.

But, when I discovered that 81% of organizations feel their risk registers are ineffective at identifying and planning for potential risks, and 30% of projects fail as a direct result, I felt the need to write this Process Street post about how to create one.

So, listen up as we go through the following:

If you’re in a hurry, grab this free Risk Register Process Checklist now, and catch up with the what, why, and how later.

Got your parachute? Ready, set… Geeeeronimoooooo…

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Systemic Risk Explained, How to Measure and Identify Systemic Risk Items

Systemic Risk

They’re going to lose their houses, they’re going to lose their jobs…this is like, the end of capitalism, this is like the dark ages all over again” – The Big Short

Debuting in 2015, The Big Short is an American comedy-based drama showcasing the 2007-2008 financial crisis. I remember watching the movie, in quiet disbelief that a financial failure of such magnitude slipped through all areas of caution, potential management, and mitigation.

The 2008 financial crisis was the result of unsuccessful systemic risk management.

A crisis that the Federal Reserve Board estimated to have cost every single American ~$70,000.

For me, this single example communicates the importance of understanding, managing, and mitigating systemic risk items. With that in mind, we begin this article on systemic risk.

In this Process Street article, we will explain what systemic risk is and how it differs from conventional risk. You are given tips to help you identify prevailing systemic risks so you can be proactive, plan for, and manage these risks for your business and line of work.

Before concluding the article, we acknowledge climate change as a potent systemic risk that urgently needs to be addressed and managed. For this, we give you free template resources, uniquely designed to support the movement towards business sustainability. A movement that runs hand-in-hand with carbon footprint reduction.

Click on the relevant subheader below to jump to that section. Alternatively, scroll down to read all we have to say about systemic risk.

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