Caution: Rising Risk
Today, more than ever, projects in all areas compound the risks of context, complexity and technologies. Some enterprises ignore the risks, hoping they will go away. Some pay consulting firms or contractors to manage the risks for them.
Now you can use our KnowRisk Services to:
- Recognize the risks,
- Select risk avoidance, containment and management responses, and then
- Implement and evaluate the risk responses. The result:
- Reap the benefits of improved risk management.
What is KnowRisk?
KnowRisk is both a product and a service. As a service, we provide facilitated risk assessment and management coaching in a wide range of project types. We base KnowRisk on our years of experience in our project management consulting practice. With KnowRisk, you can identify project risks that you might otherwise overlook, then evaluate, select and implement recommended risk management options.
The roots of KnowRisk go back to the late 1980s, when a Big 8 consulting firm wanted to win more bids, and make more profit on bids won. You can see more about this in the second entry of our Success Stories, here on our website. We developed the KnowRisk process to assist this firm to meet its objectives–in the process of changing the way the entire industry bid projects. The secret: Exclude from the proposal all identified risks the buyer/customer was willing to manage. Before this change in bidding practices, the typical approach was to charge customers to manage their own risks.
The primary purpose of risk assessment is to improve communication among those who should manage risks. Some risks are within the project manager’s control, but are not identified soon enough to avoid them. Some are out of the immediate team’s control, but well within the control of internal customers or managers.
Our KnowRisk facilitation process brings together team members and managers to discuss project risks. You identify the impact of those risks, if left unmanaged. You discuss and recommended ways to manage the risks, to reduce their impact on your project. Then you commit to risk avoidance, containment and management methods. If you want to significantly reduce the risks in your project, KnowRisk supports that risk reduction.
Part of Our Facilitated RIP Sessions
Originally, KnowRisk was only available through our Rapid Initial Planning (RIP) consulting service. In a RIP session, we work with internal customers, managers and key team members to produce a complete project deliverable. For example, our RIP Initiation produces early estimates, risk assessment, and a preliminary project plan. As a result of customer requests, KnowRisk is now available as a stand-alone service as well. The methods KnowRisk supports are compliant with ISO 21500, the Project Management standard, and with the Australian/New Zealand AS/NZS 4360:2004 Standards.