Risk management is a critical aspect of project management that involves identifying, evaluating and mitigating any potential pitfalls associated with the task at hand. To put it in simpler words, project risk management is all about assessing what risks or hazards might come along during the process of achieving a specified goal and devising ways and procedures of dealing with the inevitable. Lack of proper risk management can lead to a number of issues including delayed schedules, financial inefficiencies, general disinterest and feelings of exasperation among team members and an ultimate failure of the project at hand.
What is a Project Steering Group
Now when it comes to managing risks associated with a project, a project steering committee is one of the most important group of people in a company who can be counted upon for ensuring a timely completion of the project without any glitches. In essence, a project steering committee comprises employees from the senior management who are attributed with the task of providing strategic direction for performing a particular project and guiding the project managers throughout the process until the desired outcome is achieved.
Why it is important to make the Project Steering Group understand risks
The task of risk management can be carried out more efficiently if the members of the senior management, especially those involved in the project steering committee, are well aware of the risks associated with a particular project. If the members of the project steering committee understand the potential risks that might come along the course of project, it will be easier for them to not only revise the fundamental strategies driving the project but also incorporate their years of experience and broader vision for dealing with any unforeseen setbacks. That being said, the success rate of the project will be increased manifold simply by making the project steering committee aware of the impending risks.
How to ensure that the Project Steering Group understands risks
As a project manager, one has the privilege of communicating their concerns to the senior members of the project steering group during committee meetings. Since the committee typically comprises members of the senior management, it is important to understand that they will essentially have busy schedules involving multiple serious strategic issues to deal with. That being said, it is absolutely essential that the meetings with them are conducted in a precise and focused manner and discussions regarding the project progress and the possible risks or concerns are efficiently incorporated in the agenda.
Given the fact that project managers are typically more closely associated with managing the various processed of a project at a basic level, they are also privy to all the various issues that might arise at any given stage. The Project Steering Group must be kept well informed about the highlights of how the project is unfolding over its strategic course as well as the troubles that the project managers expect to witness in the future. Doing this will ensure a timely completion of the project in a smooth and hassle free manner.