Risks within the ISO 9001 framework are described as a positive or negative deviation from the expected outcome.
To manage these, the Risk management system in Moment works by adding the risks to each project. These can either be created specifically for that project, or added from the company risks setup, or from another project.
The template contains the same options as adding a normal risk.
Fields available for a risk
Title
Short title for the risk
Description
Description of the risk itself, and possible consequences it has if it occurs
Tags
Classification of the risk. Can be added via Setup > Tags > For risks if nothing is found.
Tags can be used in filtering for reporting.
Impact
Impact is the relative severity for project progression if the risk occurs
Probability
Probablity is the likelyhood that the risk will occur during the project timeline.
Significance
The calculated value of impact x probability. This is also shown in the risk matrix.
Risk matrix overview
Existing measures
Description of controls already in place to manage identified risks. They include policies, procedures, and practices currently used to reduce risk likelihood or impact.
Mitigation strategy
Description of proactive steps to further reduce the likelihood or severity of a risk. It involves planning and implementing additional measures to address potential vulnerabilities.
Contingency plan
Description of a reactive plan for dealing with risks that have materialized. It specifies actions to minimize the impact of the risk and ensure continuity or recovery.
Tips and best practices to using risks
Risks are best added before a project starts. To ease management add common environmental, financial and professional/industry risks to company setup. Make tags for severity to easily filter later on. If you have different business areas these are also useful tags to group by in the risk report.
When adding risks to the project, project members should fill in the relevant existing measures/mitigation strategy/contingency plans. Filling in these can be part of a project start up checklist for example.
Use the Risk report to see risks across projects and ensure that no high severity risks are left without a mitigation strategy or contingency plan.
