As a Program Manager ,How do you manage RISK in your projects and How do you maintain it ?
Find possible risks:
Look for anything that could go wrong with the project and figure out how likely it is that it will. Then, evaluate how serious it could be.
Create a strategy for mitigating risks:
Come up with an in-depth plan that explains how every risk will be handled, including ways to reduce the impact, alternate strategies, as well as who is responsible for what.
How to Control a Risk:
The most effective way to keep risks within control is to maintain a close watch on the project at all times, seek out any modifications to the risks that are already there, and put controls in place that mitigate their impact that they might do.
Hold meetings with relevant parties:
Update stakeholders on the status of identified risks, actions to mitigate them, and any changes to the risk landscape as the project progresses.
Document lessons learned:
Capture insights from managing risks during the project for future reference, improving risk management processes for subsequent projects.
Improve risk management processes:Constantly improve risk management processes by monitoring in on the effectiveness of risk management plans on a regular basis and modifying as necessary.
