Risk Identification: How to Identify Project Risks | Video

You cannot manage your project risks until you know what it is you need to manage. So, in this video, let’s see the different ways to identify risks to your project.

This video is safe for viewing in the workplace.

This is learning, so, sit back and enjoy

Lots of Risk Identification Methods

We often start our Risk Management Process with a Risk Management Kick-off Workshop. Facilitated well, this can be both productive and fun.

But too often, Project Managers just like to stick with their favorite risk identification techniques. And the commonest of those?

Brainstorming

Brain Writing

Horizon Scanning: SPECTRES

SPECTRES stands for:

• Social
• Political
• Economic
• Commercial
• Technological
• Regulatory
• Environmental
• Safety/Security

Risk Database

here is a great starter list in my book, Risk Happens!, and in my Project Management Checklists Kit.

Risk Breakdown Structure

Start with major sources of risk. Sample frameworks:

• SPECTRES
• TCQ
• People, Process, Technology

Break down step-wise

Work Breakdown Structure Risk Identification

• This is the most formal approach
• Start with WBS. Look for sources of risk in each element of your WBS dictionary – see my video How to Create a Work Breakdown Structure: A WBS Masterclass | Video

Pre-Mortem

• Gary Klein: The Power of Intuition 
• We have a full video on the pre-mortem: What is a Pre-mortem? …and how do you run one?

And next, after You have Identified your Project Risks…

Once you have identified your risks, the next step is to get them into your risk register, risk database, or other risk management tool. 

Of course, that’s where our sponsor RiskyProject can come in. So, if you need a sophisticated Risk Management tool, take a look at the link in the description.

Recommended Videos to Help with Project Risk Identification

Carefully curated video recommendations for you:

• What is Project Risk Management? | Video
• Project Risk Management – How to Manage Project Risk | Video
• 4 Types of Project Risk – Different Forms of Uncertainty | Video
• How to Create a Risk Management Plan | Video
• 5 Ways to Remove a Risk Entirely | Video
• What to Put in Your Risk Register (Risk Log) | Video
• How to Do Risk Management in Agile Projects | Video
• Risk Management – 5 Tips to do it right | Video

Recommended Articles to Help with Project Risk Identification

• Ultimate Guide to Project Risk Management
• 10-Step Risk Management Kick-off for Your Project
• Indispensable Guide to the Sources of Project Risk
• Uncertainty Performance Domain: How to Deal with Risk in a VUCA Context
• How to Build a Robust Project Risk Culture [8 Steps]

Disclosure

This video is sponsored by RiskyProject.

This is a complete suite of project risk analysis and project risk management software that integrates with all major scheduling and planning tools, and covers the complete risk life cycle.

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What Kit does a Project Manager Need?

I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. I added my own. 

Check out the Kit a Project Manager needs

Note that the links are affiliated.

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