November 21, 2006 - Risky Business Bonus: Think Positive

Based on what we have discusses so far, Risk Management seems to be about keeping bad things from happening. If you really want to throw your management for a loop, start actively managing beneficial risks.

Think Positive. The same steps we identified for keep risks from becoming issues can be used to focus on brighter outcomes. This is more than rewording your risks to have a positive flavor. Suppose you recognize that the project could be a real showcase for your company and could earn well deserved attention for your team. "Promoting team recognition" could be treated as a risk. Mitigation steps might include documenting the anticipated benefits and publicizing them to upper management. Obviously this is not a traditional risk and would never end up being an issue, but it can have a big impact on success of the project.