New Project Risk Assessment

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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.

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Why a Risk-Based Approach to New Projects is Important:

LogicManager’s New Project Risk Assessment Solution

  • Our Risk Library, a comprehensive catalog of risk inventory and categorization, is pre-loaded with common new project concerns and templates relevant to your industry to help you identify root cause sources of risks and better apply controls.

  • Surface risk insights and concerns from your frontline project managers through our standardized New Project Risk Assessment to ensure better resource allocation.
  • Use LogicManager’s Control & Control Suggestions feature to automatically calculate control effectiveness based on your new project risk assessment and leverage existing entity controls to make your project management program more efficient.
  • Our Enterprise Heatmap creates a visualization on where additional resources are needed in a new project based on historical data on similar projects to help you better prioritize your organization’s time and resources and make risk information more relevant.
  • Personalize LogicManager home screens to appeal to the right user based on their role in a new project (i.e. does someone need quick access to a particular report? Would another user benefit from being brought straight to their weekly task list?) to facilitate alignment with the project timeline.
  • Experience a robust Reporting & Dashboards system that makes it easy to drill into data such as initiatives with the most critical risks, deliverable-specific risk factors and much more.

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New Project Risk Assessment Tools

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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.

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.

Ask Our Experts About LogicManager’s
New Project Risk Assessment Tools

Start envisioning more effective, successful projects at your organization today. Ask an expert about LogicManager’s New Project Risk Assessment solution package.

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