An Overview about the Risk management Technologies we can use ,
1. Risk Dashboards
Dashboards are probably the easiest type of technology to put in place, and many enterprise project management tools come with this feature. You can create risk dashboards manually, but it’s a time-consuming process that results in a report that is out of date from the moment it’s finished.
2. Automated Processes
A further type of tech that you can adopt for risk management is automating processes through workflows within a tool.This means that your process of risk identification, assessment, management, monitor, control and escalation is managed through a single process within a tool. You document a risk in the tool, assign it to the right person to assess and they will automatically get a notification that they have work to do.
3. Risk Assessment Tools
You can use software tools to help with risk assessment too. This increases the likelihood that risks are assessed in the same way, against the same model. In turn, this makes it easier to compare risks across program or portfolio level and have confidence that they really are comparable.Basic risk assessment tools are often included in enterprise project management solutions. Add the impact and probability of the risk into the tool and it will generate a RAG (red/amber/green) status for the risk. This is a simple assessment tool that you can do manually, but managing it in the tool increases standardization.
4. Advanced Risk Management Tools
Risk management software tools can take your risk management even further. They can do risk modelling, run scenarios and flag problems through early warning indicators in your reporting. When the data is in the tool, advanced risk management tech can take the heavy lifting out of managing your risks. This functionality is sometimes available in your enterprise systems, and available as standalone products too.
Risk is about uncertainty. If you put a framework around that uncertainty, then you effectively de-risk your project. And that means you can move much more confidently to achieve your project goals. By identifying and managing a comprehensive list of project risks, unpleasant surprises and barriers can be reduced and golden opportunities discovered. The risk management process also helps to resolve problems when they occur, because those problems have been envisaged, and plans to treat them have already been developed and agreed. You avoid impulsive reactions and going into “fire-fighting” mode to rectify problems that could have been anticipated. This makes for happier, less stressed project teams and stakeholders. The end result is that you minimize the impacts of project threats and capture the opportunities that occur.
