Top 5 Responsibilities of a Risk Management Team (Part II)
In Part I, three basic responsibilities of the risk management team have been listed and described. In Part II, the rest two responsibilities will be outlined.
Top 5 Responsibilities of a Risk Management Team (Part I)
A risk management team (workgroup) is a separate and often independent unit within the project management team headed by the risk manager or the chief risk officer. It helps place a value on the project’s activities (such as procuring, communicating, controlling quality, staffing etc.), works out strategies to mitigate identified risks, applies risk management methodologies and risk analysis tools, and integrates insurance policies of treating prioritized threats with the project management team. The primary responsibility of the workgroup is to ensure that the project is provided with a complete risk management information system that ultimately determines how to control and oversee the project’s effectiveness and fulfillment. The team also approves risk management policies and defines their framework.
Four rules of effective teamwork
If during the implementation of your project the team gets stuck with lots of unproductive conflicts and unsolved problems, you can try to follow a general list of team management recommendations. If you haven’t yet found a solution, you can get your team together at a meeting to clarify and agree on the basic rules of teamwork that will govern the team’s behavior. By establishing such rules, you gain more chances to achieve greater team effectiveness and strengthen group collaboration. Read top 4 teamwork tips that you must take into account for building and managing your team.
How to Fight Incorrect Project Management and Get Back on Track
Have you ever faced the situation when your project was going swimmingly well but then suddenly, for some unknown reasons, you have found yourself out of budget, behind the schedule, and with no idea of what to do next? Such a situation is caused by incorrect project management, which means you have made some critical mistakes when initiating, planning and/or executing project activities. Here’s a 6-step guide that will tell you how to fight incorrect project management. The guide will show you what to do when your project goes wrong.
Defining Risk Management Plan and Process Lifecycle
The gurus of project management point out that a sound risk management plan can decrease the rate of project failure by as much as 60-70 percent. Such a plan in combination with a well-defined risk management process will help the project manager and senior stakeholders to identify and solve most potential problems and also anticipate and respond to changes occurring throughout the project lifecycle. Planning for risk management appears to be critical to project success, allowing the team to prevent loss and avoid jerk reactions.
