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Risk Management Manual

June 11 2012

The use of a risk management manual is not very common today. This is because no one has really taken the time to make one for the each business sector. This points out the difficulty in the proper handling of risks in industry, each business and sector of business has to deal with some similar risks, but there are specific risks only inherent to specific business.

To have a risk management manual from another company or sector of business would be to have one in which not all of it would entirely apply to your organization. For this reason it can only be used as a guide when being applied to your company. You will be able to retrieve many good ideas and areas to look for risk that could impact your project, but it will not be an all inclusive manual.

The best risk management manual you can use is one you have written yourself. By logging in all the risks that have ever impacted your organization over the time it has been in business will be a great place to start. This is a huge effort that will take some time. The final quality of this manual would then be dependent on just how inclusive you were in locating all the risks of the past and including them.

An all encompassing risk management manual would include even the one time impacted risks that may never occur again. This many not seem like a great idea to include them, but they did occur once and in some form may return to haunt your organization again. By including them you will be keeping you and anyone who is reading your manual just how unpredictable risks can be.

As time moves on, your risk management manual will need to be constantly updated. With every organization, the number of risks impacting them will change. By always being aware that your manual is a work in progress you will never be caught off guard by a new and unexpected risk and the possible damage it can inflict on your project.

The writing of a risk management manual for organization is a good idea. It will keep fresh in the mind of the project manager just what risks are out there and the damage they can inflict on your project and organization.