Developing a risk management matrix
I was having a presentation today and I was blown away by the effectiveness that a risk management matrix had on promoting the participation of stakeholders.
While in the vortex of change, stakeholders experience the numbing impacts of volatility, uncertainty, complexity, and ambiguity (commonly called VUCA), all of which dramatically reduce their receptivity to committing to anything but their personal survival. — Bill Richardson
There remains a rather naive assumption that stakeholders will put effort to understand the consequences of events, especially when it comes to business cost. But stakeholders do not always recognise the criticallity of events, and it is necessary for the program manager to facilitate communication and invest in methoda that help the portfolio remain aligned with the organisation’s strategic objectives. Here is where the tailored process of the Risk Matrix can be used to engage stakeholders throughout the project.
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