Risky Business
What project risks are — and how to manage them before they become problems
In project management, a risk is something that might happen — and if it does, it could derail your plan.
It hasn’t happened yet… but it could.
And if you’re not keeping an eye on it? It might just sneak up and bite you mid-project. 🐍
🔍 What counts as a risk?
(I’m emphasising this because — many moons ago 🌛 — someone tried to convince me that a risk was already happening, and an issue might happen. Nope.)
A risk is anything with a realistic chance of causing a problem.
Let’s go back to our house-building example:
⚠️ Risk: There might be delays due to bad weather, which could push back the roofing schedule.
⚠️ Risk: Your supplier might run out of materials — or deliver the wrong stuff.
⚠️ Risk: The client might change their mind on the layout after you’ve started.
👉 The pattern? These haven’t happened yet — but if they did, they’d cause disruption.
That’s risk identification — the first step in solid project risk management.
✅ What should I do with risks?
It’s not complicated. Just:
Log them
Review them
If they happen → manage them as issues
If they disappear → close them
And yes — use a RAID log to track all of this.
So, if it is so easy, why are we even reading this?
Because most people either skip logging risks altogether — or log them once and never look at them again.
❌ The most common mistake: just listing risks
A risk on its own is just a worry.
A well-managed risk has:
A mitigation plan
An owner
A regular review
Example:
⚠️Risk: The supplier might not deliver the windows on time.
📄Mitigation: Confirm delivery timeline, build a 1-week buffer, and line up a backup supplier.
🙂Owner: Project Manager (aka: the person losing sleep over this risk)
Risks don’t belong in dusty spreadsheets.
They belong in your weekly status meetings, with visibility and action behind them.
🤔 Are all risks bad?
Here’s where it gets interesting: not all risks are negative.
Sometimes, a risk is actually an opportunity.
😎The weather looks better than forecasted — so you might finish roofing early.
🆓A supplier delay frees up another team to fast-track something else.
Good project managers spot those too — and plan how to take advantage.
⚠️ A risk is not an issue
This gets its own blog tomorrow — but here’s the quick version:
Risk = Might happen
Issue = Is happening right now
Confusing the two means:
You underprepare
Or you overreact
Or, like a younger me, you start questioning your life choices 😕.
🎯 The goal isn’t to avoid risk — it’s to manage it
You can’t eliminate every project risk.
But you can:
Track them
Assign owners
Plan mitigations
Stop them becoming issues
RAID logs give you the framework.
The real value is in using them — regularly, consistently, and openly with your team.
💬 Add a RAID review to your comms plan.
📌 Surface risks in your weekly meetings.
📁 Keep them visible and actionable.
And next time someone says, “That’s probably fine…” Make a note. That’s probably a risk.