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How to manage risks in Monday.com

I would like to share how I use monday.com for registering and managing risks. Thanks to the possibility to link boards and to concatenate workflows, monday.com can be utilized to capture risks and then follow up the mitigation actions and consequences of the risks in other boards. This is the typical workflow between boards that can be implemented: Risk management in monday.com - Board links The risk log board contains the essential columns to assess the risks, prepare the responses and monitor them. This is a general overview of the board: Risk management in monday.com - Board view The board can be divided in four sections: Risk Identification and Description This section is aimed to capture the details of the risk, the problem and it’s also used to categorize it. The information will normally be extracted from an Issue Log board or from any other project where risk can occur. Risk management in monday.com - Identification Risk Assessment and Response This section if focused on assessing the impact and probability of the risks. The Time Impact, Cost Impact and Quality Impact columns serve as a guide to evaluate the Likelihood and Impact. Then a formula multiply both values to obtain the Risk Level. Risk management in monday.com - Assessment The need for escalation and the strategy to be chosen are part of this section. It also contains the target date for the resolution of the risk and the proposed mitigation actions. Risk Action Plan The action plan will be initiated in the Risk Log but it will be developed in a dedicated board. The columns collect the general status of the mitigation action project. Risk management in monday.com - Action Plan Dashboard The best part of incorporating the risk log in monday.com is that it will be possible to monitor the risks directly in monday.com with the creation of dedicated dashboards. Risk management in monday.com - Dashboard Finally, some of the actions and connections that can be incorporated when the risk is closed are the following: – Create a new item in the Lesson Learned board to capture the acquired knowledge during the management of the risk. – Create a item in the Change Log in case the risk is materialized and require a change in the project. I hope it may serve as inspiration for managing risks with monday.com. If you need any monday.com consulting service or you want to know more about all the possibilities of the platform you can visit this page: monday.com services

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