The global pandemic made everyone’s life more dangerous. Even going to the grocery store needed some risk management, and I lost my job because of it! Suddenly, people realised how risky this world could be. There are just too many risks you cannot control if something bad happens that will make your day worse than what was happening before (unless someone else has saved them from an even larger disaster). Most individuals were unprepared for additional hazards posed by the epidemic – partly because we lack appropriate tools to help folks understand the likelihood of different events.
It’s a lot easier to recognise troubled projects now.
Risk management strategies enable you to see which initiatives require focus and which projects need care. Good risk management can give you the context for understanding a project’s performance and contribute to any health checks, peer reviews, or audits you have in place. It can do so seamlessly with any existing Project Management Office processes you already have.
There aren’t as many surprises.
Leaders, on the whole, dislike surprises. Teams can better communicate about project issues promptly if they take a proactive approach to risk management. Risk management strategies enable the team to identify issues much earlier.
Data of higher quality is available for decision-making.
Senior executives now have access to better quality and more useful data, allowing them to make more informed decisions based on the realities of a project.
The level of communication has improved.
Risk management that is done well lifts the conversation. It is a talking point for project teams and key senior stakeholders, encouraging them to discuss challenging topics and resolve conflicts. Suppliers also participate in the discussions, as risk responses often affect their operations.
Budgets are less reliant on guesswork.
“How much should the project’s contingency budget be? Let’s say it’s ten per cent.” Contingency budgets can be more properly calculated with project risk management instead of relying on the project team’s professional estimates.
The bar for success has been set.
The knowledge that risk is actively handled raises the bar for project success. Everyone starts work knowing that success is the expected outcome, thanks to the framework in place to deliver despite recognized risks and open communication about the project’s obstacles with senior managers.
Courses that we offer:
Security risk analysts who apply technical security and operations experience in a risk management framework can benefit from our Certificate IV in Security Risk Analysis CPP41519.
Reduce the risk of harm to persons and property by anticipating and preventing threats before they occur. Our CPP50619 Diploma in Security and Risk Management will educate you on how to successfully plan and organize large-scale security operations and the logistics needed to minimise risks. Learn how to recognise and analyse risks, minimise weaknesses and gain a thorough grasp of security operations.