3.5 Identify and Understand Risk

Let's face it, risk can never be completely removed, and it exists in some form in every project or venture you embark on. You can, however, plan for and reduce your exposure to risk. The only way to minimize risk is to first identify what the risks are, and understand their effects on reaching the goals of the project.

For example, let's use ISD model resourcing as a risk. As we stated earlier in this chapter, staffing the ISD model will be one of your biggest challenges. If we did not identify this risk upfront and begin to engage various resource suppliers early on, you might have an excellent strategy that has been approved and funded by management only to find out that you cannot successfully deliver it. However, by identifying and understanding this risk early on, you can plan to minimize the risk upfront in the development of the ISD model. In addition, management can be made aware of the pending risk, and can drive a more fact-based decision on whether or not the risk is too great to proceed forward.

Keep a list of risks and associated countermeasures up to date and visible to the information network!