Mention the word ‘risk’ to executives, and the immediate reaction is anxiety. Professionals who have dealt with risks throughout their careers know that risk can also create opportunities for improvement that can make a company more efficient. Agile methodologies, when rightly implemented, inherently reduce risk in product development. Sprints also provide the potential for a project to generate revenue early on.
In this article at Forbes, Steve Denning explains how agile helps the organizations in turning the risks into opportunities.
Risk Management in an Agile Organization
Enable Improvement through Risk Oversight
A well-defined change control framework is critical for maintaining agility when developing and implementing technology and business change. Business leaders must verify that the new agile processes perform by the defined expectations and adhere to internal and regulatory requirements.
Recognize the Cultural Differences
Agile teams must recognize how cultural differences play a significant role in project team dynamics, particularly in the areas of communication and decision-making. By understanding the individual’s personal and organizational culture, managers can better align the team and gain significant influence.
Implement Dynamic Workflow
To enable efficient management of projects and agile teams, implement a dynamic workflow. The single source of truth helps in mapping projects and risks. Further, it helps in capturing all key project information and preventive controls throughout project execution. The dynamic workflow allows project managers and business leaders to generate tailored reports at various levels of projects.
Mitigating risk must be an integral part of your agile software development process. It helps you in staying ahead of the curve. Many times, you can even turn the risks into an opportunity. If you want to learn how to mitigate risk and turn them into an opportunity, click on https://www.forbes.com/sites/stevedenning/2020/07/05/how-agile-turns-risk-into-opportunity/#49ddbe2f6999.