What has been your most successful process/tools for collecting, analyzing and managing project risks and issues?

I am totaly agree with Mr. Mohamed Tohamy

The initial focus in risk identification in on clarity of strategies and objectives. Without clear objectives it is impossible to identify events that might give rise to risks that could impede the accomplishment of a particular strategy or objective. The main tools used for risk identification are:

- Brainstorming

- Event inventories and loss even data

- Interviews and self-assessment

- Facilitated workshops

- SWOT analysis

- Risk questionnaires and risk surveys

- Scenario analysis

- Using technology such as Intranets

- Value chain analysis

- System design review

- Process analysis

- Benchmarking with other similar and dissimilar organizations

- Hiring external consultants

The main tools for the risk drivers identification are:

- Influence diagrams

- Root cause analysis

The main risk assessment tools are:

If hundreds of risks are identified, risks better be categorized in order to proceed with the assessment process. Risk categorization can be done in many different ways (e.g., hazard, operational, financial, and strategic, OR controllable or non-controllable, OR internal or external, OR financial or nonfinancial, insurable or non-insurable, OR quantifiable or non-quantifiable). Another risk categorization could be by grouping several risks around a broader risk, such as reputation risk.

Risk assessment techniques may vary from qualitative to quantitative. The following are the main techniques for each type:

- Qualitative risk assessment techniques:

- Risk ranking

- Risk maps

- Risk maps with impact and probability

- Risk mapping to objectives or divisions

- Identification of risk correlation

- Qualitative/Quantitative risk assessment techniques:

- Validation of risk impact

- Validation of risk probability

- Validation of correlations

- Risk-corrected revenues

- Gain/loss curves

- Tornado charts

- Scenario analysis

- Benchmarking

- Net present value

- Traditional measures

- Quantitative risk assessment probabilistic techniques:

- Cash flow at risk

- Earnings at risk

- Earnings distributions

- EPS distributions

The main risk mitigation tools are:

- Planning

- Project management

- Performance management such as using Risk Performance Indicators (RPIs).