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.