Risk Management Principles – Things You Should Know About It

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PROMINENCE CLIENTS TRUST MANAGEMENT
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Risk Management Principles Things You Should
Know About It
Risk management is one of the most important
aspects of project management since it is what
allows minimizing the impact of threats and
taking advantage of the opportunities that arise,
thus increasing the chances of success. This
makes it easy to deliver the project on time, on
budget, and with the quality demanded. It also
facilitates the management of the work team,
since the team members do not enter the mode of
"put out fires" and avoid making decisions on the
fly.
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Risk management principles
This principle is essential for the success of
risk management of a project and tax management
is also important in the project since without
it, the full benefits of this approach cannot be
reaped. This means that it is useless to identify
and record the risks if there is no formal
follow-up of these and of the actions during the
execution of the project. Although it seems
obvious, it is something that happens in some
companies, which end up identifying the risks
only to be able to say that they follow a certain
methodology or standard. To facilitate the
management of risk properly and integrate it into
other project processes, there are different
tools. Let us understand why the management of
risk and tax is essential in a project.
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Risk management principles Understand risks
Although this should be part of the risk
identification process, many times it is not, and
we are left only to identify the risk without
really understanding its origin and
consequences. Understanding the origin of risk
will allow us, on the one hand, to better define
preventive actions, and perhaps, to be able to
detect it in an earlier phase, saving costs and
rework.
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Risk Management Principles Assign
Responsibilities
Different individuals participate in risk
management, each one with their role and
responsibilities ( do you want to know these
roles and responsibilities? ), additionally, the
specific actions that are defined must be
executed by a member of the team. All this
requires a clear assignment of tasks and
responsibilities, in such a way that both the
individual and the organization know what each
one does.
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