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Risk Management in IT Projects?
If you’ve spent time in IT delivery—whether implementing enterprise systems, integrating platforms, deploying cloud infrastructure, migrating data, or buildi…
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ProjectBalm blog
Practical perspectives on managing risk.
Insights, trends, and expert perspectives to help teams make risk information clearer, more consistent, and more useful.
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From the ProjectBalm team
51 practical guides and perspectives.
Article
Using Risk Metalanguage
Managing risks effectively is essential for successful project outcomes. However, the terminology used when discussing risks can often be misleading. Project…
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How to Craft a AAA Risk Response Strategy
Risk response strategies (aka risk treatments) are the systematic measures taken to handle identified risks. Some experts believe that the development of ris…
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How to Identify Upside Risks
Most project professionals see risk management in terms of mitigating adverse outcomes, but this perspective is limiting. A risk is an uncertain event that,…
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Article
Upside Risk
The meaning of "risk" generates ongoing debate, with some experts questioning whether it must always have negative connotations. Typically, "risk" refers to…
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Forty Common Project Risks
Risk identification is a key part of the risk management process. There are various tools you can use to identify risks, such as brainstorms, workshops, inte…
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Article
Implementing ISO 31000 with Risk Register
ISO 31000:2018 is a globally-recognized standard that provides guidelines for effective risk management. Developed by the International Organization for Stan…
19 minute read
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Defining Risk Scales
Understanding and quantifying risk is essential to the success and resilience of any project or business. The foundational elements of risk—probability and i…
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How to Monitor Risks
There are four key steps in the standard risk management process: identification, assessment, treatment, and monitoring. This article explains risk monitorin…
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Qualitative Risk Analysis
Risk management is a crucial tool for navigating project uncertainties and ensuring delivery success. The basic process involves identifying, analyzing, and…
3 minute read
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Classic Risk Identification Techniques
Identifying risks is one of the fundamental responsibilities of a risk manager. Below, we outline the classic identification techniques that all risk manager…
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Understanding Resource Risks
Research shows that a substantial portion of project problems stem from resource risks, so understanding this area is pivotal for success. These risks can be…
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Understanding Schedule Risks
For many organizations, hitting a deadline is the critical metric for project success. Delivering new capability according to schedule builds trust with clie…
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Understanding Scope Risks
In project management, "scope" is a critical yet often misconstrued concept, with some practitioners preferring a broad definition and others a narrow one. T…
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Article
The Project Benefits are Clear
All project managers face a perennial question: Is managing risks worth the effort? Like any business decision, the answer hinges on a cost-benefit analysis.…
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The Key to Execution
Risk management, a critical component of project execution, is often perceived as a complex and daunting task. However, the methodologies underpinning this p…
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Article
The Crucial Role of Legal Counsel
Organizations worldwide have encountered various emerging challenges in recent years, fundamentally altering the traditional approach to business operations.…
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Article
Enterprise Risk Trends in 2024
The professional services firm MNP recently prepared a report called "Risk Trends in 2024 and Beyond" based on real-life risk auditing across numerous organi…
3 minute read
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Risk Management and Business Instinct
Risk management professionals continually seek new methods and processes to improve their outcomes. They typically have a preference for empirical tools, whi…
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Identifying Risks using the Past, Present, and Future
Success in project management is deeply rooted in the ability to identify risks, and expert practitioners have developed various techniques to accomplish thi…
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Article
Four Strategies to Secure Buy-In
In the world of project management, structured risk management is no longer an optional extra; it's a must-have. But project managers can't do it all alone.…
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Article
What Does Risk Management Cost?
Managing Most modern businesses recognise that risk management is essential, but fewer are willing to acknowledge it is inherently costly. There is a common…
5 minute read
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Mastering Probability Analysis
A risk is an uncertain event that could significantly affect your project or organization. Such risks are typically evaluated on two key parameters: impact a…
3 minute read
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Conducting a Risk Retrospective
Reviewing past events, or performing risk retrospectives, is a critical element of effective risk management, generating valuable lessons and guiding organiz…
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Article
Understanding Risk Tolerance
Psychology plays a critical role when it comes to managing project or organizational risk. One key concept is risk tolerance, which is an individual's or org…
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The Hidden Role of Risk Perception
Effective risk management is the heartbeat of every thriving business, steering it toward stability and success. Central to this process is risk assessment,…
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Why All Projects Carry Risk
Risk is everywhere - in our domestic lives, our social situations, and particularly in our business activities. Some vendors guarantee "risk-free" projects,…
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Can We Afford to Manage Risk?
We are currently entangled in a financial crisis marked by damaging inflation and a powerful credit squeeze, affecting businesses and consumers alike. As see…
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Article
Decluttering your Risk Register
It's common to hear grumbles about overly detailed Risk Registers. These documents, designed to log potential project threats, often become cluttered with ev…
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Article
The Power of Futures Thinking
Organizational risk management has often focused on identifying and mitigating immediate threats. This is hardly surprising! However, as the business environ…
4 minute read
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Breaking Barriers in Risk Communication
Risk management is all about staying ahead of the game, and effective communication is the secret sauce enabling this. To build a thriving risk culture and a…
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Executing Risk Responses
In the whirlwind of modern society, organizations find themselves at the mercy of numerous risks, poised to undermine their operations, reputation, or even t…
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Article
Risk Management: A Socratic Dialogue
Socrates: Good day, Skeptic! I see that you are deep in thought. What is it that occupies your mind today?Skeptic: Greetings, Socrates! I was pondering the c…
3 minute read
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Article
Assumption Analysis
In a complex and unpredictable world, skilful risk management is crucial if we want exceptional project outcomes. At the heart of this process lies the recog…
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Article
Creative Risk Identification
Risk identification is a critical component of risk management—after all, you cannot manage a risk if you don't know what it is. Various techniques exist for…
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Article
Effective Risk Prioritization
Effective risk prioritization is a cornerstone of successful business operations, ensuring that you focus resources on your most pressing threats. This artic…
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Risk Categorization is Crucial
Risk management is a cornerstone of effective business operations, particularly within the context of project execution and enterprise-level decision-making.…
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Article
Is it Really a Risk?
Risk identification is the first step in the risk management process, and it is here that organizations often run into trouble. It is vital that you learn to…
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Article
What is your Risk Maturity Level?
In the 1980s, a new type of framework called a "maturity model" emerged in industry. The proponents of these models intended to help organizations assess the…
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Article
The Problem with Brainstorming
Brainstorming is often considered a go-to technique for identifying risks. It is usually carried out as part of a workshop where everyone is encouraged to sh…
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Article
Risk Descriptions that Work
The number of risks in a project or organization can range from a mere handful to a staggering multitude, each with its own unique level of detail. While a h…
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Article
What does a Risk Manager do?
A growing number of organisations are hiring risk managers to oversee the corporate response to risk. A risk manager is ultimately responsible for controllin…
1 minute read
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Article
Three Reasons to Dump your Risk Spreadsheet
Spreadsheets have been an integral part of the computing landscape for over forty years. Although first devised to replace paper-based accounting worksheets,…
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Article
Five Signs your Project is at Risk
For nearly thirty years, a research company called The Standish Group has been preparing an annual paper called The Chaos Report, which surveys thousands of…
3 minute read
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Article
Five Tips to Improve your Risk Management
Risk management is more important than ever, but many project managers struggle to implement it effectively. Here are five simple tips to help you get better…
3 minute read
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Article
Understanding ISO 31000
ISO 31000 is an international standard that provides guidelines and principles for creating a risk management framework and process. It offers a systematic a…
4 minute read
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Article
What is Risk Management?
Risk management is now considered a staple process in many organizations and has become an increasingly important component of regulatory compliance (referen…
4 minute read
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Article
Four Steps of the Risk Management Process
Dealing with project risk requires you to adopt a risk management process. There are various formal processes defined these days, for example in the Project…
2 minute read
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Article
How to Implement Risk Management Software
Risk management software can help your company enhance its project delivery. With many companies still using Excel spreadsheets to monitor projects, deployin…
3 minute read
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Article
Elements of a Risk Management Plan
Risk management is generally accepted as a fundamental part of project management. Most project governance standards require you to define a risk management…
4 minute read
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Article
Four Risk Management Strategies
Every risk requires a response that is appropriate, achievable, and affordable. The four basic risk management strategies are:AcceptAvoidMitigateTransferWe’l…
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