Speaker 1: Have you heard about risk registers and want to know how to create one? Well, you're in luck. Stay tuned to this video because I'm gonna share with you some simple techniques that I use to create my risk register. Now if you really want to master your next project, stay tuned to the end of this video because I have something really cool to share with you that's going to highlight what you need to know about project mistakes. Hi, if you're new here, welcome. My name is Adriana Gertler and on this channel you're gonna find the best practical project management advice out there. Now if you're really interested in learning about risk register I say let's get to it right now. What is a risk register? Well if you have done any type of project you know that risk occurs. Something that you didn't plan for it comes into play and so part of project management is risk management and the risk register is a tool that we use to identified potential risks that could possibly occur on a particular project that you're working on. When to create a risk register. For some individuals they may think oh that should happen in the middle of the project but here's the thing a risk register should happen throughout the project. You need to take a look at risk at the beginning of the project because I promise you you probably have some idea in the initial stages of a project what some potential risks are. And as a project progresses, new risks are going to pop up or additional risks to the one that you identified may come to the surface that you're going to have to look at. So a risk register is something that you should always have in your mind's eye and always be looking at throughout the cycle of a project. Now before we jump into the next aspect of risk register, my goodness I'm tongue-tied right now, I'm going to ask you if you don't mind. If you're really enjoying what you're hearing so far, please consider subscribing to this channel because it really helps us grow. So let's get back to risk register. What actually goes into a risk register? Well think of it this, it's items that are potentially going to come to fruition that will derail your project. You want to understand impact and probability and you also want to think about plans that are going to help ensure that if that risk comes to fruition that you can somehow mitigate it. Now don't worry, I I have some examples for you, and I'm gonna walk through you how you can do your own risk register. How to create a risk register and what to include. So it's really simple and straightforward, which is why it's a no-brainer to have one, and I'm gonna share with you how I do mine. So there's three simple parts. So let's go to part one, which is risk identification. And it's very simple. It's where you identify the risk. Now, I have for you a video that shows you one, so I want us to go in it so you can see it. Let's go check it out. Okay, so now let's actually go in and take a look at a risk identification table. So this is where you can start collecting all of your risks. So for this project example that I want to give you, it was for a procurement project and we were implementing a future state that we all created collectively as a group. Now, I had quite a few risks on this project, but I just want to show you one example. So based on the table, there's three areas that you're going to look at. You're gonna look at what is the actual risk, so what can go wrong, what's the cause of the risk, why it can go wrong, and effects, which is the impact on project purpose and deliverable. That if that risk should come to fruition, what would happen? So let's take a look at this one example that I wanna set up for you. So this risk for this project, which actually was a real problem, it was a current state process may be changed or tweaked while we're implementing the new process. This organization had a habit of as soon as something was going to be implemented, people wanted to start working on it and they started to do their own thing. So that was a huge risk for us. We had to identify it. So why can it go wrong? So let's understand that. While the side projects actually exist for this overall future state that we were looking to do and that everyone is kind of siloed in their approach and execution and they're They're not thinking outside of their own projects and how the change will impact the new process. So as I said, they're really excited to get things done and they're just implementing stuff. Now here's what's really important with your risk identification. And that is the future state process does not work and this is the effect if it should come to fruition because our solutions are based on the old slash, you know, quote unquote I guess old quote unquote the current ways of working. And because of all the tweaks and changes, which is the cause of why it can go wrong, we're unable to implement our future state that we've created because the old ways of working don't exist anymore because there's new ways of working and what we're implementing is not addressing originally what it was meant to address. So that's a huge risk on this project. So here's how you identify and you just go through that collectively in the group. You would then go, what's your second risk, your third risk and you'd go through the risk, the causes and the effects. Part 2. Risk Ranking. Now this is just taking the risk and then analyzing it to see what's the probability of that risk occurring or not. Let's go back to the example. Now that we have our risks all laid out and we have identified them, we now have to do a risk ranking. So we now to list all of our risks that we list over in the previous table, we're going to bring them down here. So you can see I brought over the one risk that I used as an example for you, and I placed it as number one. I could have another risk, I'll place it at number two, number three, and you'll see these little dots here. That's really important. They correlate to the risk. So number one indicates that it's this number one risk. If I had a second risk here, it would be number two, etc. So now let's take a look at how we do this ranking. And it's actually very simple but impactful. So we have this grid here that allows us collectively as a group, as a team, and with key stakeholders to figure out what should we be doing. So based on the two axes, so the y-axis and the x-axis, we're going to look at impact on one side, which is minor, moderate, major, and critical. So this is if the risk should come to fruition, how would it impact the project? Would it be a minor impact? Would it be a moderate impact, a major, critical? Would we like kill the project and have a big issue? And the other area we look at, which is the probability. So how likely is it going to happen? Unlikely? Possible? Likely? Very likely. And so this becomes really powerful because now we're going to take our risk and collectively as a group we're going to talk about it. And we're going to place our dot where we think it's going to be. And in this instant, we actually, as a group, decided that, whoa, if this risk came to fruition, that because the current state processes are tweaked, and that's going to impact our project and what we're trying to do from a deliverable, that it has a huge, huge critical impact in us doing what we're supposed to be doing. And the likelihood of that happening, based on the information, is very likely because Because we know that that's a habit within the organization and there's these other side projects. So it's really important because once you're done, you get to see everything that is sitting within the red zone, which is stuff you should definitely be looking at. Your gray zone, which are things that depending on how much you have in the red, you may want to deal with this. And then you have this kind of neutral zone where if you have time and perhaps you're not as busy with these other risks, you may want to look at it, you may not. It's really going to be dependent upon the group and what you decide to do. But this is how you rank the risks. By the way, this risk planning template and all the information and additional stuff that is just going to help with your projects, I want to let you know is in my S.L.A.Y. project management course. So if you're interested at all to really get great at project management in a practical way, consider checking it out. I actually have the link for you under this video. Number three and risk planning. So this is the actual plan that you're going to now create against the risk that you've ranked and you've selected. So there's two types of plans you need to think about. One is a mitigation plan. So what are you going to do to help minimize a risk coming to fruition? So based on the example that we were looking at on my computer earlier on, one of the mitigation plans you do for that current state of being switched over and being changed that was going to impact your future state map that you're trying to implement is you want to bring it to everyone's attention of senior management and those in types of positions who can control changes being made to say look it's gonna have an impact so you want to educate people you want to bring them in the loop you want to maybe even include them in weekly meetings on progress to ensure that they understand what you're doing so that that they're not going to rush into making those changes on their own, which will impact your project. Now, the other type of plan is contingency plan, and this is really plan B. What will happen, or what will you do, if it should come to fruition? So someone already went in, made changes, and you find out, and you're like, oh my goodness, this is totally gonna impact, so what do you do? So a potential plan B is you'll call an emergency meeting, you'll bring all the key players together, and you may even have them revert back to the old ways. And again, it's a combination of the two that you're gonna put in place so that if things were to come to fruition, you are not scrambling trying to figure out, oh my goodness, what do I do? You actually know quite clearly what it's gonna be and you probably would have shared that in advance with some senior people to ensure that they're on the same page too. It is so helpful to have really strong risk contingency and mitigation plans. Okay, if you're here, you've stuck around to the end, and I wanna thank you, and as my thanks to you, is I'm gonna share with you this, how to avoid project mistakes. And it's free, just for you, and the link to get this is underneath this video. Risk registers are important, but knowing how to avoid mistakes in combination with it is just really powerful, so I highly recommend that you get it. On that note, have a great day, and I'll see you at the next video.