Successful Risk Management Strategies: Self-Risk Assessment

Self-risk assessments are a vital component of any successful risk management strategy. By taking the time to assess and analyze potential risks associated with a contract, you are better equipped to manage any issues that may arise and ensure a successful outcome. This needs to happen before you enter into a contract (so our lawyer friends can have a field day in describing clauses) but even more during the execution stage of a contract where you are confronted with change all the time.

Self-risk assessments involve identifying potential risks, evaluating their likelihood and impact, and developing mitigation strategies to address them. This proactive approach allows you to take control of potential risks and avoid potential disasters down the line.

So, whether you’re managing a contract for a large enterprise or a small business, don’t overlook the importance of self-risk assessments. They are an essential tool for ensuring success in contract management.

In the book written by Linda Tonkes you can find a very complete overview of risk and how to assess them. Repeated use of this assesment will help you see your progress and identify the next steps to actively mitigate or accept certain risks.

So let’s play with risk …..

Arjen van Berkum

Arjen van Berkum is a columnist, keynote speaker and motivator, with an eye for business ecosystems, innovation and disruption. In addition to his work as technology and contract management evangelist, he is a visiting lecturer at Delft University of Technology (TU Delft).