This page is an early sketch of an outline of the challenges of risk management. It is incomplete and immature.
The intent is to demonstrate the feasibility, issues, and benefits with establishing a standardized,
scalable approach to risk management that is compliant with multiple improvement frameworks, highlight the various features
of such a process description and protocol (and demonstrate the differences between these), and walk through
how such an example could be used to explore opportunities for improved information sharing, knowledge management, and automation

Introduction

If you can prove you don't need insurance, you can probably get it - source unknown

Risk management is the process of minimizing exposure to hazards. Nearly everyone purchases insurance for their own home, though this is usually because most financial institutions require it as a condition of financing. Most project leaders say they practice it, but rarely is it applied in an organized, methological manner. Consider this dialog:

Manager: We want to be sure we manage the risks on this project, but don't want to call them risks.

Worker: What's wrong with calling them risks?

Manager: If we call them that, we'll have to develop mitigation plans, and that's a real pain in the butt. Also, there are outside groups that rain down on us if we admit to risks. Better to keep them to ourselves.

Worker: So what do we do?

Manager: Let's just call them issues, and work them as hard as we can.

The primary purpose of risk management

Risk management as insurance

Reference learnings from financial risk management.

Reference risk management and insurance

Why people buy insurance

Describe how insurance companies work

How much insurance do you need if your project is not under control?

Transitioning risks to issues

A common risk process

Sources of requirements for a common risk process

Challenges in developing and transitioning to a common process

Reference example risk management process description.

Tooling for the process

The risk management value stream

Stakeholder perspectives

What are the 'holes' in typical risk management approaches?

Effective capture of all risks

See risk checklist.

Consistent categorization of risks

Allocating sufficient resources to risk mitigation

Disagreements over the classification of risks

Reference Risk management criteria

Challenges of rolling out risk management across an enterprise

Reference Synergy: Show me the money!