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.
Why a Risk-Based Approach to New Projects is Important:
Identify weak spots.
Taking a risk-based approach starts with identifying which departments involved in a new project need additional resources. This helps you better prioritize and ultimately save time and money.
Using enterprise-wide risk assessments, you’ll have a better understanding of the risks that any new project poses to each of your branches, departments and smaller teams and what their impact could be on your organization as a whole.
Mitigate more efficiently.
Once you’ve completed your new project risk assessment, you’ll be primed to determine exactly where to allocate your valuable time and resources that properly address the risks you’ve identified and assessed.
Now that your risks have been identified, assessed and mitigated, it’s critical to ensure that the right processes are in place to track progress and effectively prevent those risks from materializing throughout the duration of the project.
Connect your risks.
No two projects are the same, meaning the risks they carry are different. Taking a risk-based approach and using ERM software helps you inherently draw connections and understand dependencies, helping you make better business decisions.
Report on your efforts.
It’s not enough to simply say you’re properly managing risks; ERM software helps you build an audit trail through robust reports so you can avoid negligence and prove responsibility to any inquiring minds.
LogicManager’s New Project Risk Management Tools
OurRisk 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 ProjectRisk Assessment to ensure better resource allocation.
Use LogicManager’sControl & 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.
OurEnterprise 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 LogicManagerhome 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 & Dashboardssystem that makes it easy to drill into data such as initiatives with the most critical risks, deliverable-specific risk factors and much more.
Risk Assessment Excel Template
Use our free risk assessment template to get started!
Achieve Your New Project Risk Goals 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
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
When your organization is engaged in any of the activities above, it’s best practice to complete a New Project Risk Assessment. Taking a risk-based approach to new projects means thinking about the implications of that new project on all other areas of your organization. Conducting a new project risk assessment will help reveal those implications so you can prevent undue risk and optimize the success of the project.
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.
Request a Demo For LogicManager’s
New Project Risk Management Software
Start envisioning more effective, successful projects at your organization today. Request a Demo for LogicManager’s New Project Risk Assessment solution package.
Request a Free DemoLearn How LogicManager’s New Project Risk Management Software Can Help Transform Your Risk Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
Submit your Favorites List and our experts will reach out to you with more information. You will also receive this list as an e-mail which you can share with others. Here are the solutions you've added to your list so far: