How can you encourage risk ownership in your project team?

1 Why risk ownership matters

Risk ownership matters because it helps to create a culture of risk awareness and proactive action in your project team. By assigning risk owners, you empower your team members to take charge of the risks that affect their work, and to communicate them clearly and timely to other stakeholders. This way, you can avoid surprises, delays, and conflicts that could jeopardize your project objectives. Risk ownership also fosters collaboration and trust among your team members, as they can share their insights, concerns, and solutions with each other.

2 How to identify risk owners

The first step to encourage risk ownership is to identify who should be the risk owners for each risk in your project. Ideally, the risk owner should be the person who has the most knowledge, influence, and control over the risk, and who can implement the appropriate risk response. You can use a risk register or a risk matrix to document the risk owners, along with other risk information such as probability, impact, status, and action plan. You should involve your team members in the risk identification and assessment process, and ask for their input and feedback on the risk ownership assignments.

3 How to support risk owners

The second step to encourage risk ownership is to provide adequate support and resources to your risk owners, so that they can fulfill their roles effectively. You should communicate clearly and frequently with your risk owners, and ensure that they understand their responsibilities and expectations. You should also provide them with the necessary tools, training, and guidance to help them manage their risks. For example, you can use a risk management software or a dashboard to track and report on the risk status and performance. You should also recognize and reward your risk owners for their efforts and achievements.

4 How to monitor risk ownership

The third step to encourage risk ownership is to monitor and review the progress and results of your risk owners, and to make adjustments as needed. You should establish a regular schedule and format for risk reporting and meetings, and ensure that your risk owners participate and update their risk information. You should also use key performance indicators (KPIs) and metrics to measure and evaluate the effectiveness of your risk management strategy and actions. You should provide constructive feedback and coaching to your risk owners, and address any issues or challenges that they may face.

5 How to promote risk ownership

The fourth step to encourage risk ownership is to promote and reinforce a positive attitude and behavior towards risk management in your project team. You should communicate the benefits and value of risk ownership, and how it contributes to your project success. You should also create a supportive and transparent environment, where your team members can share their risk experiences, lessons learned, and best practices. You should celebrate and acknowledge your team's achievements and improvements in risk management, and encourage them to keep learning and improving.

6 How to overcome barriers to risk ownership

The final step to encourage risk ownership is to overcome any potential barriers or obstacles that may hinder your team's risk management performance. Some of the common barriers include lack of time, resources, skills, or motivation; resistance to change or accountability; conflicting priorities or interests; or unclear or inconsistent expectations or communication. You should identify and address these barriers as soon as possible, and seek to resolve any conflicts or misunderstandings. You should also provide incentives and motivation to your team members, and show them how risk ownership can benefit them personally and professionally.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?