F I D I AC AD E M Y BEST PRACTICE FOR EFFECTIVE RISK MANAGEMENT All FIDI Affiliates should have an effective risk management strategy. FIDI Academy Manager Chantal Fera outlines the key elements to consider in designing and implementing one R isk Management is is a FAIM requirement but do you really have a risk management strategy in your company? You can start one very simply, whenever you implement new projects. While risk management is often portrayed as just one step within the project planning framework, there should be five key components in any effective risk management strategy: CHANTAL FERA, FIDI ACADEMY MANAGER 1. Plan: outline your general risk management approach and execution strategies for both common and projectspecific risks. 2. Identify: list the risks, their characteristics and how they could impact the overall project objectives. Assign risks to individual team members to analyse and track further. 3. Analyse: this includes both qualitative analysis assessing the risks based on probability of them occurring and their potential impact and quantitative analysis, prioritising risks based on their impact on overall project objectives. 4. Respond: plan risk responses (for example, contingency plans); take action to reduce the possibility of occurrence and/or the potential impact of the identified risks. 5. Monitor and control: track the identified risks, execute risk-response plans as necessary and evaluate and record effectiveness. Communicate progress and status reports to stakeholders and team members. It is important to note that following these best practices is not a one-off sequence of events, but an ongoing exercise. High-performing organisations will perform this exercise at each step of the project life-cycle. Having standardised and repeatable project management procedures in place is critical for success and is a hallmark of organisations with advanced project management abilities. This allows performance on each project to be measured accurately so that results can be optimised. You can learn more about project management and risk management at the FIDI Academy. A host of tailormade webinars and seminars are available to guide you through this complex world. To find out more, contact academy@fidi.org STAGE ONE Define project scope and goals FORTHCOMING FIDI ACADEMY SEMINARS EiM seminars 27 Oct-2 Nov 2019 Seoul, South Korea 1-7 December 2019 Prague, Czech Republic 22-28 March 2020 Panama City, Panama MiM seminar 22-28 March 2020 Barcelona, Spain STAGE TWO Detail the work breakdown PROJECT MANAGEMENT LIFE-CYCLE STAGE THREE Schedule resources and budget STAGE FOUR Execute deliverables STAGE FIVE Report on deliverables STAGE SIX Analyse progress LiM Forum 20-24 January 2020 Switzerland WW W. F I D I. O R G 13:52 FF293 OctNov19 pp22-23 FIDI Academy ProjectMgtTeaser.indd 23 STAGE SEVEN Evaluate and close project 23 18/09/2019 12:38