Include Opportunity in Your Risk Management Process

Many managers tend to include only risks in the risk management process. However, your risk landscape should also have opportunities. “Risks are double-sided,” says author David Hillson. So, you might not know when an opportunity may turn into a risk. In this article at ProjectManager.com, discover more about considering opportunity as part of your risk management portfolio.

Opportunity and Risk Management

Risks are inherent in any project. Whether you call them opportunity or risk depends on the situation. But before going into those details, you must consider both in your risk management process. Here are the logical reasons behind the inclusion:

Reasons for Inclusion:

Internationally, risks are complex and can change nature per the events. If you want to comply with the global risk standards, keep an opportunity log in your risk register.Your clients will be more at ease if you follow a common measure of risk management. Since they want to reap the benefits of investing in your company, you must satisfy their expectations.The majority of brands follow an integrated approach to risk management. This helps them keep things transparent and updated. If you want to be a market leader, pair up with your partners.You do not wish your sponsors or influential stakeholders to lose confidence in you or your team. To maintain that trust, be ready to follow any risk management process they require.

What Do You Get in Return?

Now that you have documented the opportunities, you can pursue them whenever possible. You will have a more structured approach to completing work and sending deliverables.Since you have proactively handled opportunities, you will get more business revenue streams lined up.You do not have to develop different processes for opportunities and risks. This will reduce costs and solidify work standards.You hardly need to make changes and invest less time in training. This will increase team morale along with more proactive contingency plans.

To view the original article in full, visit the following link: https://projectmanager.com.au/5-reasons-why-opportunity-should-be-part-of-your-risk-management/

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