Learn the next critical action a project manager should take after multiple new risks emerge that were not included in the risk register. Discover best practices for effective risk management on your projects.
Table of Contents
Question
Multiple new risks have come up on a project that were not included on the risk register. The project manager met with the team to explain that risk management is critical for the success of the project, and risk identification is key.
What should the project manager do next?
A. Review assumptions and constraints around risks.
B. Apply an iterative approach to risk identification.
C. Determine the likelihood and impact of the risks.
D. Develop the risk response plans for identified risks.
Answer
B. Apply an iterative approach to risk identification.
Explanation
Once the project manager has emphasized the importance of risk management and risk identification to the team after multiple new risks have surfaced, the most appropriate next step is to conduct further rounds of risk identification using an iterative approach.
Risk identification should be an ongoing, iterative process throughout the project lifecycle, not a one-time event. Applying an iterative approach allows the project manager and team to continually uncover new risks as the project progresses and circumstances evolve. Techniques like brainstorming sessions, checklists, interviews with SMEs, and diagramming can be employed multiple times in recurring cycles to identify risks that may have been missed before.
Reviewing assumptions and constraints (Choice A) can provide useful information but is not the most critical next action, as the focus should be on comprehensively identifying the new risks that have emerged. Determining probability and impact (Choice C) and developing response plans (Choice D) are important subsequent steps after risks have been thoroughly identified, but additional risk identification should occur first to ensure no stone is left unturned.
By taking an iterative approach to risk identification as the next key step, the project manager can work with the team to progressively surface and capture any remaining risks, enabling more robust risk analysis and response planning to keep the project on track. This proactive, cyclical process is a hallmark of effective risk management.
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