Effective risk management has its greatest benefits in application to insurance in order to avert or minimize financial liability. So why is this?Especially when it can be a major constraint onĀ the success of any project – or even worse. The real choice is either to dedicate timely attention to understanding and managing risk, or suffer its consequences (impacts) downstream. Often this results in a poor understanding of risk and little attention being dedicated to its management.

The strategies and actions to manage risks that pose a significant threat to a project must be built into the baseline project plan, as early as possible. There should be periodic reviews and events scheduled into the mainstream project plan to address risk. Some bodies and associations now promote the same core process for managing both together, where opportunities have a positive impact on the project.
It may be very neat for process folks to do this, but it does not help theĀ understanding of this topic, which is one of the more challenging topics to describe clearly and hence successfully.

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