A step-by-step guide to creating a project risk management framework
A framework for project risk management can inform your entire project risk management process to ensure smooth sailing. Here’s how you can create an effective one.
A step-by-step guide to creating a project risk management framework
A framework for project risk management can inform your entire project risk management process to ensure smooth sailing. Here’s how you can create an effective one.
How to create a project risk management framework
This step-by-step guide will help you create an effective framework for project risk management.
Define the parameters
The first step to establishing the framework is to determine the objectives and the risk assessment and risk management parameters of the project. This includes defining operational parameters and identifying the project’s operational environment.
Determine the risks
A critical step in creating the framework is identifying the risks that you may be exposed to. These can be cost, schedule, performance, operational, technology, strategic, governance, or compliance-related. Identification is key to effective management.
Evaluate the risks
Once the risks are identified, the next step involves assessing them to determine the likelihood and severity of risks. With this information, you can prioritise each for effective management. This can be facilitated by a risk assessment matrix as well.
Implement mitigation strategies
With the risks prioritised, you will have a much easier time addressing each in effective ways that won’t affect the overall objectives of the project. Establish mitigation strategies and incident response plans to ensure your project is not blindsided.
Implement continuous monitoring
Another very important aspect of project risk management is continuous monitoring. Potential risks can affect the lifecycle of a project at different stages and consistently keeping an eye on its status is necessary to ensure progress isn’t impeded.
Report and analyse outcomes
Maintaining a risk register where the outputs of project risk management are recorded helps in addressing similar risks in future instances/projects. It can also inform the process of implementing mitigation measures to ensure the best project outcomes.
Enhance your risk management capabilities with SECTARA
SECTARA offers a simplified yet in-depth risk management software that is accessible to all practitioners. Co-designed by the author of the globally-acclaimed Security Risk Management Body of Knowledge (SRMBoK), SECTARA is aligned with global risk management best practices, including ISO 31000, the NIST framework, and Standards Australia’s Handbook 167 and more.
Establishing your project risk management framework is a straightforward process with SECTARA’s highly collaborative and intuitive approach to security risk management.
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Some of the industries we serve
Government
Identify, monitor, and manage systemic risks associated with policy implementation, public safety, and national security with a scalable and configurable risk assessment solution.
Critical infrastructure
Obtain insights to identify and mitigate potential threats to critical infrastructure like energy, transportation, and communication systems through professional risk assessments.
Mining
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Defence
Obtain a comprehensive view of potential threats to national and regional security and implement effective risk management strategies with military-grade risk assessment solutions.
Healthcare
Ensuring the safety of patients, staff, and other stakeholders while managing risks associated with medical procedures and data privacy through a configurable risk assessment solution.
Finance
Identify, monitor, and manage critical risks like market volatility and data breaches with a risk assessment solution to protect stakeholder assets and ensure regulatory compliance.
Consultancy
Help your clients make informed decisions about risk management by leveraging insights from a professional risk assessment solution that helps identify, address, and monitor risks.
Cybersecurity
Protect your digital assets with our advanced cybersecurity risk assessment solutions. Stay ahead of evolving threats and fortify your defences with comprehensive risk assessments.
Education
Identify and mitigate compliance, finance, operational, and reputational risks in processes such as student selection and regulatory adherence with professional risk assessments.
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What you get with our free trial
2 users (Account Admin, Org & BU Admin, Assessor, Viewer)
2 concurrent assessments
2 organisations & business units
In product training
The ability to export assessments to MS Word
MS Excel treatment plans
White label SECTARATM platform
White-label exported documents
Audit records
Experience the capabilities of SECTARA™ first-hand. Sign up for our 14-day free trial today.
What you get with our free trial
2 users (Account Admin, Org & BU Admin, Assessor, Viewer)
2 concurrent assessments
2 organisations & business units
In product training
The ability to export assessments to MS Word
MS Excel treatment plans
White label SECTARATM platform
White-label exported documents
Audit records
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