Value of Integrated Risk and Issue Management - 17516

Risk management is a tool that has been used by project managers for several decades to help manage scope, cost, and schedule baselines and to improve the likelihood of project success. More recently, the risk management process has been applied to the management of companies and corporations under the designation of Enterprise Risk Management (ERM) where it is used to help ensure success in meeting strategic objectives. All of this focus on risk (related to events or conditions that may occur) is normally done without considering how issues (related to events or conditions that will or has occurred) may impact the allocation of resources required to address risks, and perhaps more importantly, how resources required to support normal work scope may be impacted. This paper suggests the use of an integrated risk and issue management process, where risks and issues are managed concurrently using similar but separate and distinct processes. The benefit of using an integrated process is the organization and centralization of data related to risks and issues that becomes available for decision makers to use in prioritizing and allocating limited resources between performing normal work, addressing risks, or resolving issues. Applying integrated risk and issue management to any activity will lead to better decisions, whether the activity is personal, project, program, or enterprise. (authors)