How can one check the success of risk management

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New Member
New Member
Posts: 1
Joined: Sun 29 Jun 2014 11:18 am

Hello everyone, I'm new here.

Can anyone enlighten me on some criteria that a company can use to know that risk management has succeeded.

Thanks in advance.
Senior Member
Senior Member
Posts: 34
Joined: Fri 09 Mar 2012 8:45 am

Good question.

This is one part of Project Management that frustrates me, since it is easier to measure what went wrong as opposed to what could have gone wrong and which was prevented.

Do you use a risk register?
I build risk management activities into my project plan and the quick answer for my Board is that if the time, cost and quality targets are met then the risk management is considered to be successful. This a basic and possibly lazy way of looking at it though.

Including in your end of project report which risks in particular were managed well in order to meet project targets will also be useful since most of this will go unnoticed by those you report to. They need to know what went well so they can consider as part of a global lessons learned exercise.

The PRINCE2 register encourages you to specify the potential impacts of each risk (i.e. in monetary terms). If you identify that if a project runs late by 8 weeks due to Risk A, and the cost of an 8 week loss in benefits is £20,000, then you have a measurable for which you can set a criteria.

I'm interested to see what others have to say because I've been trying to get my head around this myself.
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