Part 3: Evaluate the risk

Risks need to be ranked and prioritized. Most RM solutions have different categories of risk, depending on their severity. A risk that may cause challenges is rated lowly, whereas risks resulting in catastrophic loss are ranked the highest. It is vital to evaluate risks because it allows the project to gain a holistic perception of the project’s risk exposure.  However, a project may be vulnerable to different low-level threats, but it may not require upper management intervention. On the contrary, one of the high-rated risks is enough to require immediate intervention. The table below represents an illustration of a risk examination.

Fig. Risk evaluation table. Illustration address/reference https://docs.employment.gov.au/system/files/doc/other/module5_risk_management_0.pdf

 

After evaluating and ranking risk, different procedures can be deployed to manage each risk. Firstly, impact mitigation which minimizes the weight of the threat. This method is significant for risk, which, even if reduced, cannot be avoided. Moreover, treatment is directed at coping with their impact and encompasses contingency, planning, contract terms and conditions, disaster recovery planning, and crisis management. Secondly, risk acceptance, this approach occurs when the weight of the employed methods is prohibitively significant, and the project chooses to acknowledge the potential effects of the risk. This happens where the profit probability is high and the entity is enough at managing risk. The third procedure is risk avoidance. This method is used where there are extreme risk reduction cases where unwanted events are avoided by undertaking a different course of action. Fourthly, risk reduction is employed to eliminate the present sources of risk. For example, quality assurance procedures. The last approach deals with risk-sharing. It involves shifting the accountability for risk to another party in a project, such as it partners with another entity. As a result, this tactic ends in a cost reduction.

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Emmanuel Addo
Founder
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Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.