10 commandments for effective risk management

The main idea is to list out the important aspects that can help in effective risk management.

I – Thou shall ensure that the importance of risk management has buy in from top management.

II – Thou shall involve all stakeholders during the risk identification process and ensure that risk is discussed in all weekly or regular meetings.

III – Thou shall follow Risk Management processes meticulously to identify, analyze, track and close risks through a centralized risk register.

IV – Thou shall maintain a separate risk contingency budget for managing risks.

V – Thou shall make an attempt to think out of the box to list almost all potential risks and do an impact analysis for all.

VI – Thou shall not forget to consider the business impact apart from the usual technical risks.

VII – Thou shall ensure to do proper risk probability and impact analysis to be as close as possible to accuracy.

VIII – Thou shall keep an eye on the scope, time, cost and quality throughout the risk management cycle.

IX – Thou shall ensure that EVA is followed to be able to do accurate risk management.

X – Thou shall regularly do a swot analysis throughout the risk management cycle.