Monday.com for Risk Management

Hello everyone,

I’m Pedro, I am a monday.com referral partner and project manager who supports companies implementing monday.com and providing consultation and training.

I just wanted to share how I use monday.com for registering risks. Thanks to the possibility to link boards and to concatenate workflows, monday.com can be utilized to capture risks and then follow up the mitigation actions and consequences of the risks in other boards.

This is the typical workflow between boards that can be implemented:
Captura de pantalla (298)

The risk log board contains the essential columns to assess the risks, prepare the responses and monitor them.

This is a general overview of the board:

The board can then be divided horizontally in three sections with dedicated responsibles:
Risk Identification and Description
This section is aimed to capture the details of the risk, the description of the problem and it’s also used to categorize it.

The information will normally be extracted from an Issue Log board or from any other project where risk can occur.

Risk Assessment and Response
This section if focused on assessing the impact and probability of the risks. The Time Impact, Cost Impact and Quality Impact columns serve as a guide to evaluate the Likelihood and Impact.
Then a formula multiply both values to obtain the Risk Level.

The need for escalation and the strategy to be chosen are part of this section.
It also contains the target date for the resolution of the risk and the proposed mitigation actions.

Risk Action Plan
The action plan will be initiated in the Risk Log but it will be developed in a dedicated board. The columns collect the general status of the mitigation action project.

Dashboard
The best part of incorporating the risk log in monday.com is that it will be possible to monitor the risks directly in monday with the creation of dedicated dashboards.

Finally, some of the actions and connections that can be incorporated when the risk is closed are the following:

  • Create a new item in the Lesson Learned board to capture the acquired knowledge during the management of the risk.
  • Create a item in the Change Log in case the risk is materialized and require a change in the project.

I hope it may serve as inspiration for managing risks with monday.com.

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