Fundamentals of Risk Mitigation
Corrective actions for identified risk that require more than monitoring should be stated clearly in terms of what is to be done, when it is to be accomplished, and who is responsible for carrying out the action. Actions may be technical or managerial, or some combination of the two.
The judgement of experienced personnel is critical at this point because someone must determine the worth of importance of each corrective action based on a balance among the amount of risk, relative criticality of the risk, and available resources. Some responsible individuals must answer the questions, "Can we live with this risk?" and "If not, what should we do to reduce the risk?"
Progress against corrective action plans must be tracked at appropriate intervals. Most often this is done at milestone reviews and other important decision-making points. Frequent reviews are in the best interest of your program. Make certain assigned corrective actions have indeed successfully reduced the variance between your program and the best practices.
"Watch Out For ..."
Experienced engineers and program managers know there are some requirements, conditions, materials, types of equipment or parts which almost invariably create potential or actual risk. Knowing where these areas of potential/actual risk lie gives a program manager a start on developing risk management or risk mitigation plans which can be used to best effect because they are able to be used early, as soon as the risk becomes apparent. Developing your own corporate-, industry- or product-specific "Watch Out For ..." list can
save money, time, even, prevent accidents. Refer to Appendix D
All organizations, functions, and individuals affected by the risk must be a part of the risk mitigation plan. Corrective actions planned without proper input can fail to reduce risk, or may even increase risk in some instances.
Be careful not to place too much emphasis on curing the symptoms instead of determining the cause of the variance. Corrective actions should be written with input from the person who will be taking the action.