Risk Management

PMO risk management is the process of detecting, analysing, and responding to risks that may impact the delivery of projects and portfolios. PMO risk management practices aim to create actionable contingency plans based on an assessment of potential risks and the effectiveness of those plans to mitigate or prevent them. Risk management workflows codify these practices and draw on performance data to form consistent and repeatable methodologies that ensure every project’s successful delivery to completion.

pmo365‘s Risk Management workflow delivers:

Enterprise-wide Visibility: a comprehensive view of risks across the project portfolio for timely and proactive risk management.

Best Practice Assessment and Mitigation: systematic risk assessment with standardised risk assessment methodologies, tools, and templates. Organisations can analyse and evaluate risks based on their likelihood, impact, and interdependencies, and devise comprehensive risk mitigation strategies to manage them.

Ongoing Risk Monitoring and Tracking: continuous monitoring and tracking of risks throughout the project lifecycle with real-time updates on risk status. These permit prompt action on emerging risks and the rapid deployment of mitigation measures.

Integrated Risk Management: seamless integration of risk information within project data (e.g. risk registers) enabling holistic and informed decision-making across all portfolios.

Data-Driven Decision Making: data-driven trend analysis and visualisations generate insights and metrics to support risk management throughout the project lifecycle.

Standardisation and Consistency: consistency in risk management strategies across the organisation ensures correct methodologies, risk registers, and mitigation plans are all embedded within project management and well understood by all team members.

Compliance and Governance: risk governance frameworks ensuring adherence to internal governance policies, industry standards, and any external regulations reduces the potential for risks in project and portfolio delivery.

Enhanced Communication: effective communication and discussion between stakeholders around project risks fosters a culture of accountability, transparency, and trust among project teams and stakeholders.

PMO risk management assists in identifying potential threats and uncertainties that may jeopardise project success. It improves stakeholder confidence by helping project managers to plan for unexpected events, minimise the likelihood of issues emerging, and limit their potential impact. Effective risk management enables informed decision-making around resource allocation and contingency planning and improves the likelihood of projects being delivered successfully within the constraints of time, cost, and quality.

pmo365 is a fully modular system. Each App, Flow, Report or Connector easily plugs into place to build the exact real-time project portfolio management system you require. Our solution centralises the recording of risk-related information and provides improved visibility across all project departments. And, because it’s modular and highly customisable, the ability of pmo365 to evolve and change with your needs as you grow is built into the system – not as an afterthought. We provide tailored solutions to manage all project information and risk management strategies with the latest, best-practice collaborative tools, instantaneous data updates, and integrations of all the project management tools you currently use.