New Project Risk Assessment Software

Starting a new project welcomes in new opportunities along with new potential risks to your organization. Assess those risks ahead of time – the right way – with LogicManager’s New Project Risk Assessment solution package.
REQUEST FREE DEMO

What is a New Project Risk Assessment?

In order for your business to succeed, it’s important to continuously evolve; once you’ve mastered one thing, what’s next? There are always ways to improve and expand your business. We’ve come to know these temporary initiatives with distinct deliverables as “projects.” Some common examples of projects an organization may take on include:

  • Building or closing a facility 
  • Re-branding 
  • Developing or discontinuing a product or service
  • Migrating to a new software 
  • Expanding or reducing service to a particular industry
  • Training a new group of employees 

Taking a risk-based approach to new projects means thinking about the implications of any new project on all other areas of your organization. The best place to start is by conducting a new project risk assessment, which will help reveal those implications so you can prevent undue risk. 

Risks

Risks are everywhere; some are more dangerous than others, but unknown risks pose the biggest threat to your organization. Failure to identify project-related risks can lead to a number of negative financial outcomes: inadequate employee training can lead to incompetencies, which can lead to disgruntled customers and ultimately loss of business. Building a new facility in a flood-prone area without purchasing flood insurance can lead to substantial sunken costs. Investing R&D into a new product that fails to excite the market takes a toll on your business valuation, which can turn investors away. The list goes on.

Achieve your New Project Risk Assessment with LogicManager

Proactively identify risk

Identifying risks before starting a new project allows you to determine where to put controls, policies and procedures in place in order to help mitigate against any particular risk. By getting a head start, you’re able to proactively mitigate as opposed to reactively rushing to put controls in place after the project is already underway.

Prepare for the unexpected

Many things are out of our control, but conducting a new project risk assessment can aid in your organization’s ability to prepare (and stay prepared) for the unexpected and uncontrollable.

Achieve strategic goals

A risk assessment helps you determine whether or not a project is aligned with your organization’s strategic goals. If not, you can prioritize and plan accordingly – maybe this project should have a lower priority and take up less of your team members’ valuable time and resources. Should someone ask for your reasoning behind the resource allocation, you’ll be able point to the risk assessment as evidence.

LogicManager’s New Project Risk Assessment Solution

Here’s what you can expect with LogicManager’s New Project Risk Assessment solution package: 

  • An out-of-the-box centralized risk repository, which provides a set of risks related to “New Projects” based on industry standards, best practices and any additional risks you’d like to include.
  • Automate your tasks and notifications through intuitive and customizable workflows to stay on track of each new project risk assessment.
  • Since LogicManager is a GRC platform, you’ll have the ability to link risks back to departments, processes, third parties and more. This provides full transparency across your organization both vertically and horizontally and paints a truer picture of the risks at hand.
  • Easily identify issues by flagging controls and risks throughout your new project risk assessment that seem to require additional information or documentation.
  • Use a variety of reporting tools to visualize and present your most important data. Whether it’s a side-by-side comparison of two assessments to provide to a decision maker, or an aggregated overall score for a new project, extract data in the way that’s most beneficial to your organization. 
    • Using our Plan Report, get the full details of a particular assessment, including its mitigations and monitoring activities. 
    • Gain a holistic view of your projects through our Enterprise Heat Map to compare each new project risk assessment against each other or see how a similar project matched up against a new one.

Request a Free Demo Of LogicManager’s
New Project Risk Assessment Tools

Start envisioning more effective, successful projects at your organization today. Check out a free demo of LogicManager’s New Project Risk Assessment solution package.

REQUEST FREE DEMO