Project risks – it is even more important to identify and manage them.

I was invited to a friend’s house recently. There were probably 35 people all enjoying themselves; me included. I spoke to quite a number of people and one person said something that stuck. Mark was employed in one of the big banks here in the UK. He knows many people who work in medium to large companies and is surprised how many do not formally carry out any risk assessment in their projects.

You see Mark was a practising project manager. (I assure you meeting him was pure chance; he only found out about the party an hour before arrival.) Mark is clearly aware of the dangers of not analysing risks in projects.

His comments fall into line with what I have found. I have run a number of workshops recently where people tell me they have not (formally) carried out any risk assessment on their projects. The word formally above is important as risks seem to be carried in people’s heads, not written done and in some cases not actioned.

Now more than ever risk assessments need to be carried out and actioned. Why? My project manager friend and I agreed over a drink that the current economic climate made it essential to identify and manage project risks. Between us we felt that companies and senior managers will start to take more risks. But, they may not be fully aware of the risks they are taking. It is the project manager’s job to ensure they do know. If they agree to go ahead then let it be with full knowledge of the consequences.

Mark also suggested something very interesting; that some people engaged in projects he had worked with did not know how to produce a risk log. If this is the case I have developed a simple risk log with a practical process for you. Please download your free document by clicking here or by visiting

We include the identification and management of risks on our project management training courses. Do you formerly identify and action each risk? If you don’t it is risky!

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