Assessing red flags

A checklist for sniffing out and addressing risks and red flags

If problems are popping up unexpectedly around your company’s projects, products, and people, those, my friends, are red flags. Missing them is tantamount to an acid bath for your organization. Don’t worry, we’ve got you covered.

Red flag and risk assessment checklist

Here is a short risk checklist you can modify for your own projects:

List the red flags you observe (consider using a system like |> to denote them)
List the risks that the red flags denote
Determine if the risk is internal or external (e.g., project team vs client or exec stakeholders)
Determine if the risk affects timeline, budget, scope, people, and/or business
Determine which parts of your project are impacted (e.g., design, development, content)
Determine the risk impact (hint: if you notice red flags, the risk is likely to happen)
Determine the risk probability
Create a red flag/risk matrix (sample)
Develop a risk mitigation strategy for the likely risks (short term response)
Develop a contingency plan for unlikely or less serious risks (long term plan)
Notify any relevant stakeholders (be sure to involve them in the mitigation plan and contingency making process)
Update plan when new risks are noticed

Helpful articles

Checklists of Potential Project Risks

Risk Management…the What, Why, and How