Summarize the following:
Every project has some risks attached to it. These might be financial risks to the company, or other kinds of risks. At the outset of any project, make a list of things that seem like they could be risks and keep that list handy.  Risks may be very concrete, such as, “We’re paying for a larger workspace, but we might not get enough orders to make it worth the increase in rent.” Risks may also have to do with personnel, such as, “We hired a new department head, but he’s very young and inexperienced in this field.” There may be personal risks to you, such as, “If I don’t meet the quota set by the board, I could lose my position.” Some projects or companies will require a risk analysis before a project begins. This can be a great tool for helping you as the manager know which risks make sense to take and how  risk can be avoided or lessened. You may be able to perform a risk analysis yourself, or there may be someone at your company whose job it is to do that. It’s great to make a list of risks at the outset of a project. However, as the project evolves, the risks will likely change. New ones will appear and others may dissolve. Keep your eyes open for potential risks at all times.  You can add new risks to your original list and cross out ones that are no longer present. Ask your team members if they’ve noticed anything along the way that may pose a new risk. No matter how much you try to plan, there will always be surprises and things you can’t prepare for. However, you can do your best to make sure that you’ll be ready for a curveball, should one come your way.  For example, make sure there’s extra money in any budget for contingencies. You may come across unexpected costs and you want to be able to cover them easily. Make sure you’ve got ample personnel. If someone gets sick or has to leave the project, you don’t want to feel severely understaffed. Back up all files and relevant information. Run plans by upper management to make sure there aren’t things you’ve overlooked or important factors you’re unaware of. Once you’ve identified a risk, take action. You may not be able to completely solve the problem or make the risk go away, but you can probably find a way to minimize the risk or mitigate whatever fallout might occur.  If you notice that a person on your team is a liability for any reason, keep an eye on them and make sure they have the support and oversight they need to pose as little risk to the project as possible. If the project is risky due to its scope and timeline, ask for an extension or talk to upper management about what a more realistic goal might be. If there are risks to people’s personal safety, address them immediately. No one should be working in a situation that is dangerous to their physical or mental health.
Identify potential risks. Perform risk analysis, if necessary. Assess risks continuously. Prepare for the unknown. Address risks as quickly as possible.