risk management

Risk Analysis, Project Management: Quick-start Guide

There are many established conceptual frameworks to help us manage our day-to-day risks. Risk analysis and project management tools invariably come with variations and should be applied contextually. Some of them are historical products tied to particular industries and sectors, such as product development and engineering. These analytical tools should be applied contextually, and their explicit definitions therefore vary.

So why do we use frameworks? They help us to:

  • Organize ideas and make conceptual distinctions
  • See the overall picture, simplifying complex ideas
  • Formulate hypotheses to direct collection and analysis of data (to tie in the purposes of a research or investigation)

Frameworks for risk analysis and identification

Risk matrix

Risk analysis
Risk = Impact X Probability

SWOT: Strengths, Weaknesses, Opportunities and Threats

PESTLE+

Project management

Project management is about risk management, and management of complex risks requires project management.

Project Management | Asian Skills

For some solid and practical advice, please see “Getting Things Done: The Art of Stress-Free Productivity” by David Allen

More “advance” versions …

11 effective risk management techniques

7 popular project management methodologies, including:

  • Agile (complex and uncertain products and services)
  • Lean (business transformation, not process per se)
  • Scrum and Kanban (small team <7 people, need flexibility)
  • Six Sigma (“Big Corporate” looking to become more data-driven)
  • Waterfall (large projects, stringent and known stages)

Enterprise risk management and root cause analysis (incorporated into Six Sigma)

Application of Risk Analysis and Identification to Professional Ethics

In the context of professional ethics, the different approaches to risk analysis help guide us to apply the rules and principles of professional conduct practically to real problems and even novel situations. They may even make the rules and principles easy to remember.

Finally! An alternative to risk matrices RISK-ACADEMY Blog

Refer to The Hong Kong Solicitors’ Guide To Professional Conduct (the “Guide“)

Change management … It’s mostly about managing resistance to change

Project-manage the change

See Prosci’s Process

  • Phase 1: Preparing for change
  • Phase 2: Managing change – root cause analysis of sources of resistance, including:
    • Lack of awareness of why the change was being made
    • Impact on current job role
    • Organization’s past performance with change
    • Lack of visible support and commitment from managers
    • Fear of job loss
  • Phase 3: Reinforcing change

Stakeholders engagement

  • Senior leaders
  • Managers and supervisors

Plans, plans, plans: Supporting individual change

  • Communication plan
    • Set expectations
    • Understand “how will it affect me”
    • Be honest about the negative impact
  • Sponsorship roadmap (engagement of the project team, peers and other senior managers, and frontline employees)
  • Coaching plan (between supervisor and team member)
  • Training plan
  • Resistance management plan (capture the above): See “Change Cycle