Risk Management 101: Risk Monitoring

August 14, 2015
In this week's episode, we'll go over how to monitor your risks based on the plan we put together in last week's episode. Let's go! Video Transcript: Risk Management Part 3 - SHTF In last week’s episode, we talked about how you can monitor risks before and during the run of your project. A lot of times, no matter how much you plan things and how much you try to make sure things run smoothly - they don’t. In this week’s episode, we’ll go over some best practices on what to do when there is a problem, or as they say when “shit hits the fan” (SHTF). First Response So, you have a problem. Hopefully, if you’re following our advice from the previous episodes, that risk was listed in your plan and the problem was spotted early by the designated team member. Now, first thing that person has to do is to immediately communicate the issue to the rest of the team. Once your team is updated on the problem, follow your Risk Management plan. Now you’ll be happy that you spent the time making it as detailed as possible. Force Majeure If the risk in question was something that you could not predict, then you have to improvise. But don’t do it alone. Gather your team for a quick brainstorming session to come up with solutions for the issue and put together a plan of action. Fight the urge to to act immediately without the plan. Even a simple checklist will ensure that you didn’t miss anything in the heat of the moment. Now run and fix it! Have a Designated Spokesperson During a crisis, it’s easy for conflicting information to be passed around. Have a designated spokesperson that can be available to team members if they have questions or need clarification. A designated spokesperson is the supreme authority on the problem at hand and will be able to share accurate information with the team. This will help keep stress levels down and morale high, even though there is a problem. Keep everyone in the loop Once you’ve spoken to your core team and have a plan, give your affected stakeholders, including your customers, a heads-up and inform them of the problem. They need to know what’s happening or else they will continue on with the original plan. You can communicate with them in many ways including social media, emails, announcements or have a meeting. It all depends on the nature of the problem. Honesty When things go wrong, it’s natural to not want people to know about it. We love showing off our successes but rarely want to display mistakes. However, being transparent when there is a problem will help build trust. Your stakeholders and customers will appreciate your honesty, organizational skills and good character(you superstar, you). Example For example, if we were hosting a user conference, and our main keynote speaker had a delayed flight the day of the event, we would have to act quickly: Gather the team responsible for the speakers & the marketing team & brain storm Come up with a solution: Switch up the first day’s agenda. Speaker team: Confirm with the other speakers of the change & schedule your keynote speaker to speak at the end to avoid further problems Marketing team: Change the schedule and have it displayed on the large projector screens for everyone’s knowledge. An announcement could also be made via twitter and email.
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