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How to Make a Comprehensive Risk Management Checklist

How to Make a Comprehensive Risk Management Checklist

Risk management is a crucial tool in any kind of project planning to identify, measure and prioritize risks and develop a plan to deal with those risks. Creating a risk management checklist will help you with your plan and maintain a positive reputation. The checklist will quickly tell you from past experience and forecasting if a risk area will evolve. 

Scope of Work 

The first part of your risk checklist should include questions and answers such as:

  • If this specific work has been done before or is it something new? 
  • Has an area in the work been identified in prior projects as a risk? 
  • If a task is a new task within the project, what risks may occur?

Project Resources 

Then, you will want to check your project resources by asking: 

  • Do you have the right number of resources?
  • Do your resources have the experience they need or do they have to be trained?
  • How experienced are they and do they work well together? 

If a resource risk is a potential problem, it should be identified on your checklist.

Project Timeline 

Next, you will want to identify items such as scheduling conflicts and if they are flexible. Will you and your team have enough time to complete all the tasks within the project? If any items are identified as a risk to your timeline, you should list them all out. 

Project Cost 

The following part of your management checklist should identify risks that have to do with project costs and project overrun costs. If you feel a project may overrun its budget, clearly list the project specifics and why they could be a risk. 

Outside Sources 

Then consider what outside sources are involved in the project that may cause a risk for the next section of your checklist. If you feel an outside source will not be able to deliver on time or may have other issues that could be considered to be a risk, be sure to add those to your checklist.

Deliverables 

A thorough examination of your deliverables is extremely important. Can you deliver the project? That means not just the goals of the project, but the project itself. A goal may be to analyze tools to change a process and the project may be to change a certain process. If you feel that a project has any risk in its deliverables, be certain to identify this sooner rather than later. 

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