Managing Your Project Risk

Risk management is certainly a buzzword in today's SOX world. Within the scope of delegating tasks to team members, it is critical to understand the potential risk. An easy way to do this is to create a risk list.

A risk list is a list, in order of importance, of the areas of significant risk for a given task or project. An important aspect of this list is to understand the consequences (to the project, team, or organization) if the tasks don't get done. Risk can be staff-related, such as absenteeism, or technical, such as a late delivery of critical components. Make sure you look at the big picture for your project when you're assessing the risks.

Anything that might affect successful delivery should be considered a risk. As a manager, you must be ready to assist at the first sign of a problem on your risk list.

Risk management includes monitoring the overall health of the project, but keep autonomy in place for the delegated tasks and their owners. This can be a tricky, but it is easier once you understand the steps to follow when risk arises.

My risk management style came out of need, not strategy. I was working way too much, and with a team in multiple timezones, things were getting stuck in a holding pattern waiting for me to deal with them. I realized that I needed a global team to keep things moving. To do this well, I realized that having a clear direction and understanding of the potential risks when delegated tasks was essential. Any task runs the risk of getting off schedule.

The importance of risk management for delegated tasks is to have a clear process communicated before the problem arises. That way, you are not tempted to step back in and take control at the first sign of trouble.

Once you understand the problems and you have created the steps, you should create a process to correct them.

These steps include: 1. Fully understand the problem. 2. Ensure that the person you have delegated to has the confidence to resume the task. 3. Provide support and suggestions, but keep the delegated role within the individual's ownership. 4. Help them develop a procedure to prevent any recurrence of the problem.

Ownership You Keep We started with the delegated tasks, but not everything can be delegated. There are certain things that you just cannot delegate as a manager. The most critical, of course, is your leadership. Any monetary or reward systems must remain in your authority as well. Focus your time and management effort on exceptions only. Don't micromanage the day-to-day. However, if problems occur, or if they get off-track, be ready to help them get back on track with the necessary support.

You also need the final authority overall. We talked a lot about providing autonomy and authorization to the individual. But overall, the bottom line is that this is your team, your project, your department, so you have that ultimate responsibility.

You should also retain ownership and not delegate strategic planning. You need to make sure that the entire team is involved and understands your path and your direction. But that ownership is really left up to you as the manager. Take the time to manage the risks and your delegation will go smoothly.

About the Author

Lisa Symons has 12 years experience with IT teams around the world ensuring project deliverables. Are you tired of team conflict impacting timelines, projects and staffing, but don't have time to implement a solution? Resolve team conflict - FREE six step audio program Addressing Team Conflict

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