A project risk assessment is a way to identify and evaluate potential risks that could impact the success of a project.

Before you present your project to your team, you should go over your risk assessment one more time.

Project risk assessment is essentially a way to identify and evaluate potential risks that could impact the success of your project. So don’t forget it.

It’s important to manage risks because they can have serious consequences on the project timeline, budget, and sometimes it’s just harder to manage problems when they occur. Prevention is the best medicine, right?

And in a business like a management consultancy or marketing agency, where projects are constantly changing and evolving, it’s even more important to stay on top of potential risks.

If you don’t identify and manage risks effectively, it could lead to project delays, cost overruns, and even failure.

How do we go about conducting a risk assessment?

There are a few steps to follow. First, we identify the risks. This involves brainstorming and listing out all the potential risks that could impact the project. Then, we need to determine the likelihood and impact of each risk. This will help us prioritise which risks to focus on and develop strategies to mitigate them.

And finally, we develop a risk response plan. This involves deciding on a course of action for each identified risk. We can either accept the risk, mitigate it, or transfer it.

• Accepting the risk means we’re aware of it and are willing to take it on.
• Mitigating the risk means we’re taking steps to reduce the likelihood or impact of the risk. This could involve adding resources, adjusting the project plan, or implementing additional controls.
• And transferring the risk means we’re transferring the responsibility for managing the risk to another party, like an insurance company.

So, it’s important to regularly review and update the risk assessment throughout the project.

And conducting a risk assessment is good for the business because it helps you stay on track and avoid potential issues. It’s all about proactive risk management and being prepared for the unexpected.

Popular Project Management tools

If you’re serious about project management, try these tools we recommend:

• Monday.com — Highly effective teams choose monday.com to manage their work.
• asana — Asana organises work so teams are clear about what to do, why it matters, and how to get it done.
• Hive — The tool for productive teams. Thousands of companies all over the world are moving faster with Hive.
• Productive.io — Manage your agency in one place, end-to-end.
• Project Express App — Over 35,000 people worldwide trust Project Express to manage projects, at work and at home.
• Teamwork — At last, easy-to-use project management software you won’t outgrow
• Trello — From high rises to the home office, the way your team works is unique—accomplish it all with Trello.
• Wrike — Only Wrike’s work management platform gives your team full visibility and control over all your tasks and projects.
• TickTick — Join millions of people to capture ideas, manage to-dos and make the most of your life with TickTick.
• nTask — Project management software that enables your teams to collaborate, plan, analyze and manage everyday tasks.
• Adobe Workfront — Connect, collaborate, and simplify workflows using Adobe Workfront to launch campaigns and deliver personalized experiences at scale.
• Accelo — Accelo is a cloud-based software platform that helps businesses manage their projects, clients, and teams.
• Workfront — Workfront is a cloud-based project management and work collaboration platform designed to help teams and organizations manage their work more efficiently.
• JIRA — JIRA is a project management and issue tracking software developed by Atlassian.
• ProjectLibre — ProjectLibre is an open source project management software that provides users with a comprehensive suite of tools to help them manage their projects.
• ProofHub — ProofHub is a project planning software with every tools your team needs to get work done faster, together. No per user fee. Free trial. No learning curve.
• Paymo — Manage projects, track work time, bill your clients, and measure profitability from the same platform.
• VeriClock — Get employee time tracking anytime, anywhere with VeriClock. Easily integrate with your accounting, bookkeeping or payroll software.
• Workzone — More robust than entry-level tools, like Basecamp, less complicated than MS Project, Workzone is the perfect project management solution for most teams.
• SmartSuite — Plan, track, and manage any type of work.