Agile Risk Management Approach

 PRINCE2 Agile Risk Management Approach

Introduction

This document describes how to manage risk within an agile/PRINCE2 project environment.

Risk management procedure 

 

Tools and techniques 

Identify risks using the PRINCE2 Agilometer 

Records

The risk register should be visible and clear for all to see and use, like this one:

 

Each risk should be written on a post-it note and put onto the whiteboard in it’s appropriate grid location, depending on the probability/impact assessment

Reporting 

Risks will be discussed during daily standup meetings or with the project board when they visit the project room.

Timing of risk management activities 

At the end of management stages, after any significant release, a re-assessment of the environment using the agilometer will help. However, risks could be identified and discussed at any time.

Roles and responsibilities 

Everyone is responsible for identifying risks and everyone collectively should help the manage risks, however, some would need escalating for further help, see the risk tolerances below.

Proximity 

How close a risk might happen is referred to as its proximity they can be categorised as: 

    Imminent - will potentially happen within a sprint, 

    Within the management stage, 

    Within the project, 

    Beyond the project - after release into operations

Risk responses 

We can respond to risks this way:

 

Early warning indicators 

The project manager and board could monitor the behaviours of the team and look to see if they are appropriate, and the team should monitor their own behaviours openly and honestly.

Risk tolerance 

The team can manage risks that are in the purple boxes themselves.
Risks in the blue boxes should be raised and discussed with the project manager.
Risks in the yellow boxes should be discussed with the project manager and project board.
Risks in the red boxes should be discussed with corporate management.
Security risks should be raised with the cyber security team no matter where they are on the grid.
Health and safety risks should be raised to the department H&S officers.
Reputation risks should be funnelled through the communication management team.

Risk budget 

Due to the low risk to delivery, a risk budget is not necessary.

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