Feature introduction

Project Managers must identify, track, and manage risks during project execution. In Sanplex Premium, the project module includes a dedicated risk management feature.

After a project starts, teams often focus heavily on progress and execution, ignoring risks and opportunities. This oversight can lead to risks turning into actual issues and missed opportunities. Therefore, it is essential to balance executing tasks with looking ahead to control risks and seize opportunities.

A risk refers to an uncertainty that may negatively impact the achievement of project goals. Risk management strategies include Avoid, Mitigate, Transfer, and Accept.

• Avoid: Prevent the risk from occurring by eliminating the root cause (for example, avoiding certain business activities to bypass strict compliance regulations).
• Mitigate: Reduce the probability of the risk occurring and the severity of its impact.
• Transfer: Shift the risk ownership and its consequences to a third party.
• Accept: Acknowledge the risk and accept its consequences if it is within an acceptable threshold.

1. Create risks

Similar to project issues, you can create risks and import them into the Asset Library > Risk Library for centralized management.

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Sanplex provides built-in dropdown options for configuring the risk source, type, and strategy.

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• Source: Business Department, Project Team, Project Support Department, Management, Supplier-Procurement, Supplier-Outsourcing, External Customer, or Other.
• Type: Technical, Management, Business, Story, Resource, or Other.
• Strategy: Avoid, Mitigate, Transfer, or Accept.
• Impact: Ranks from 1 to 5 (from lowest to highest).
• Probability: Ranks from 1 to 5 (from lowest to highest).
• Risk score: Ranges from 1 to 25. The system calculates this by multiplying the Impact by the Probability.
• Priority: The system automatically calculates this as Low, Medium, or High based on the impact and probability.
• Prevention measures: Proactive steps taken when potential risks are foreseen. They aim to reduce the likelihood of the risk occurring or mitigate its impact on the project. These measures are usually formulated during the project planning phase. They may include developing a risk management plan, evaluating potential risks, creating prevention strategies, and establishing backup plans.
• Response measures: Emergency actions taken after a risk has materialized. They aim to reduce the impact on project goals or prevent further losses. Response measures are typically executed based on contingency plans defined in the risk management plan. These may include quickly adjusting the project schedule, reallocating resources, taking remedial actions, and communicating with stakeholders.
• Resolution measures: Corrective actions taken after a risk has occurred to resolve the resulting issues and restore the project to a normal state. These measures are usually formulated after evaluation and analysis to find the root cause. They may include revising plans, reallocating resources, improving processes, and conducting training.

Note: You can customize risk sources and types by navigating to the Admin module.

After clicking Save, you will automatically return to the risk list.

2. Risk actions and statuses

• Statuses: Open, Closed, Suspended, and Canceled.
• Actions: Track, Close, Cancel, Suspend, View Log, and Edit.

You can also select specific risks and click Import to Risk Library to convert them into organizational process assets.

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