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10 commandments for effective risk management

By sam_bit ·
10 COMMANDMENTs FOR EFFECTIVE RISK MANAGEMENT


The main theme is to list out the important aspects that can help in effective risk management.

I - Thou shall ensure that the importance of risk management has buy in from top management.

II - Thou shall involve all stakeholders during the risk identification process and ensure that risk is discussed in all weekly or regular meetings.

III - Thou shall follow Risk Management processes meticulously to identify, analyze, track and close risks through a centralized risk register.

IV - Thou shall maintain a separate risk contingency budget for managing risks.

V - Thou shall make an attempt to think out of the box to list almost all potential risks and do an impact analysis for all.

VI - Thou shall not forget to consider the business impact apart from the usual technical risks.

VII ??? Thou shall ensure to do proper risk probability and impact analysis to be as close as possible to accuracy.

VIII ??? Thou shall keep an eye on the scope, time, cost and quality through out the risk management cycle.

IX ??? Thou shall ensure that eva is followed to be able to do accurate risk management.

X ??? Thou shall regularly do a swot analysis through out the risk management cycle.

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