Risk management is a one of the responsibilities of a project manager which should be performed on a frequently basis. Proactively identifying and reducing risks means lesser problems with your project. It’s always easier to manage a risk than to wait for it to become a real issue.

Identifying, analyzing and managing risks is not an automated process that can be carried out on a spreadsheet while sitting behind your desk. It is something which needs to be done in close cooperation with your team and stakeholders. By involving team and stakeholders does not improve the quality of the process but also help to promote a shared sense of responsibility for the project’s successes and failures.

The good approach to manage risk is to “Discipline yourself”, meet your team and stakeholders on regular basis to assess everything that could obstruct the success of the project. Project manager should understand the nature of each identified risk and its potential impact and the way to deal it. An owner to each risk should be assigned to follow up on any promised actions to reduce their probability of becoming failures. 

Here are some points that can help Project, Program and Portfolio Managers effectively to manage risks:

• Risk Log Creation
• Risks Identification
• Root Cause Analysis
• Determine Risk Impact
• Examine probability
• Measure Risk Response
• Assign Owner  
• Regularly Review Risks
• Report on Risks