Technology Projects: Risk Management

When conducting a health check or a lookback on a technology project, it's crucial to assess the risk management aspects of the project. Risk management involves identifying, assessing, mitigating, and monitoring risks throughout the project lifecycle. Here are some key risk management questions to ask:

1. Risk Identification:

• How were risks identified and documented during the project?
• Were all potential risks considered, including technical, operational, financial, and external risks?
• Were there any risks that were not identified or adequately addressed?

2. Risk Assessment:

• How were the identified risks assessed in terms of their potential impact and likelihood?
• Were risk assessment techniques and tools utilized effectively?
• Were there any risks that were underestimated or overestimated in their potential impact?

3. Risk Mitigation Strategies:

• What risk mitigation strategies were implemented for identified risks?
• Were the risk mitigation strategies appropriate and effective?
• Were there any risks for which mitigation strategies were not defined or implemented?

4. Risk Monitoring and Control:

• How were the identified risks monitored and controlled throughout the project?
• Were there mechanisms in place to track the status of risks and their mitigation actions?
• Were there any gaps in risk monitoring or delayed response to emerging risks?

5. Contingency Planning:

• Were contingency plans developed for high-priority risks?
• Were there alternative courses of action identified in case of risk occurrence?
• Were the contingency plans activated and executed effectively when needed?

6. Risk Communication:

• How were risks communicated to stakeholders, including project team members, sponsors, and executives?
• Were there regular risk updates and communication channels established?
• Were the potential impacts of risks effectively communicated to stakeholders?

7. Risk-Related Decision Making:

• How were risk-related decisions made and communicated?
• Were risk assessments and considerations factored into decision-making processes?
• Were there any instances where risk-related decisions did not align with the project's objectives?

8. Lessons Learned from Risks:

• Were lessons learned captured and documented regarding risk management throughout the project?
• Were the lessons learned shared with relevant stakeholders and future project teams?
• What steps have been taken or will be taken to improve risk management in future projects?

9. Risk Culture and Awareness:

• Was there a risk-aware culture within the project team and the organization?
• Were risk management practices and processes well-understood and followed?
• Were there any gaps in risk awareness or training that affected risk management effectiveness?