Risk Analyst Should know:
Before we start talking about the risk management strategy ,it is important for business analyst to be aware of these risks like
- Skills and expertize-It is a risk of not getting the resources with the required expertise for project.
- Quality is a risk and can be very dangerous if the product does not meet the quality measures.
- Technological issues can be very risky for any project.
- Project termination or closure due to any xyz reason can become a risk for the operation team.
- Security is considered a very big risk at this point of time where we are dealing in the era of electronic data. Vulnerability to an attack result in danger or loss.
Risk Management Strategy:
If there is a risk then it is crucial to have the plan for managing that risk.
As art of your plan you can consider:
- Avoiding the risk by putting preventive actions in place. To do that you may want to explore alternative options to achieve your goal.
- Transfer the risk responsibility to the more appropriate party for dealing with the risk .
- Accepting the risk. By doing this you have to put together the plan to handle the risk by any ways.
- Mitigate the risk. You can only do this when you can plan for the action which may reduce the impact of the risk. You can have a plan which is proactive or may be retro-active.