How Verto Helps You Manage Risk

You’ll have noticed in our blogs that we often talk about risk and how important it is that you manage it well.

 

In our last blog we described effective risk management as being aware of everything that could go wrong, having plans in place to respond quickly if something does go wrong and updating these plans as the project progresses and the risks change.

 

Others say that risk management is about anticipating what could happen between where you are and where you want to be.

 

This means looking at:

 

  • What you’re aiming to do
  • What might go wrong and why
  • If it does go wrong, what would happen
  • What you can do to stop it happening or make it have less impact

 

You should identify potential risks as soon as you start to plan your project. And you should monitor them throughout the life of the project.

 

Verto can help you do this.

 

A quick and easy way to manage risk

 

One of the greatest risks to any project is poor communication. For example, John finds out that in order to meet the deadline for a bid a member of his team needs some information. He’s out of the office when he’s told this, so makes a note to sort it out when he gets back. However, events overtake him and his note gets lost in the pile of other things he has to do. The deadline passes and his project ends up short of funds.

 

With Verto, wherever John had been when he first heard about this risk, he could immediately have sent a message to however many members of his team he needed to. And they could have picked it up, wherever they were.

 

He could also have created a task to remind them what they needed to do and by when. He could then have set an alert to let him know when the task was complete or if it was at risk of being missed.

 

A quick and easy way to monitor risk

 

Of course, you’re aware of some risks from the start of a project.

 

Let’s look at another example from John. He’s managing a project and has six months to complete one part of it. From the outset, some of his team warned that it could take much longer than this. However, the management team chose not to restructure the whole project. Instead they asked for weekly progress reports and for John to have a contingency plan in place.

 

If John were using Verto he would have a clear and detailed view of all his projects, in one place. This would make it easy for him to keep a close watch on the part of his project that was at risk of overrunning. Verto’s automatic notifications would also alert him straight away if anything began to fall behind. So John would be able to step in and take immediate action. And he would be able to produce and share an accurate progress report so his management team were always well informed.

 

While this wouldn’t remove the risk, Verto’s tools mean John could stay in control of the situation rather than just respond to it.

 

After all, it’s better to manage a risk than manage a crisis.

 

To find out more about how Verto can help you manage risk please call us on 0844 870 8785 or message us here.