Add treatments to reduce the impact or likelihood of a risk occuring.
Add treatments to reduce the impact or likelihood of a risk occuring.
Add treatments to reduce the impact or likelihood of a risk occuring in an easy to use, automated risk solution.
If you are looking for Mastt's complete Risk Register solution, go here. Otherwise, learn more about Treatments in Mastt below. 👇
Treatments are strategies and actions taken to reduce the likelihood and impact of risks on your project, program or portfolio. Treatments are essential for ensuring that risks and their impact are assigned a responsible person and addressed proactively, minimizing the impact and likelihood of a risk.
Common challenges we see in managing treatments:
❌ Spreadsheet Difficulty: Using spreadsheets to manage risks and incorporate treatments by adding columns, rows, and formulas is difficult.
❌ No Risk Management Framework: Without following global standards and a well-defined risk matrix, evaluating the impact of risks after treatment will be inaccurate and inconsistent.
❌ Lack of Ownership: Without assigned risk owners, accountability and effective treatment actions diminish.
❌ No Treatment Tracking: No direct connection between causes, impacts, and treatments makes likelihood and impact assessment non-compliant with global standards.
❌ Poor Documentation: Inadequate recording of treatment strategies hinders thorough analysis and informed decision-making.
❌ Reporting: Formatting / transposing spreadsheet data into charts and visualizations for reporting is far too time-consuming for an unsatisfactory and out-dated result.
❌ Manual Aggregation: To obtain program or portfolio visibility, resources need to collate and manipulate data from multiple sources, contributing to inaccuracies and delays.
Mastt’s comprehensive risk management tools will ensure best-practice risk management processes are followed.
🔷 Add Treatment: List treatments to reduce the likelihood and impact of risks.
🔷 Description: Add free text to describe the impact in detail for greater context and risk documentation.
🔷 Track Status: Manage treatments through status of draft, active, retired or realized.
🔷 Assign Ownership: Designate a responsible owner for each treatment to ensure accountability in monitoring and mitigation.
🔷 Risk Matrix: Use a 5x5 or 4x4 risk matrix to conduct a likelihood and impact assessment and determine a post-treatment risk rating.
🟢 Identify Early: Conduct thorough risk assessments early in the lifecycle to identify potential risks, and ensure involvement from the wider project team to obtain multiple perspectives for consideration.
🟢 Plan Effectively: For each identified risk, develop and document treatment strategies to mitigate against and reduce the associated impact or likelihood. Assign responsibilities for implementing these strategies.
🟢 Track Progress: Monitor the status of treatment actions regularly to ensure they are implemented effectively. This can occur through independent review or the facilitation of risk workshops at incremental periods throughout the project lifecycle.
🟢 Maintain Records: Keep comprehensive records of all identified risks and their treatment actions for future reference, compliance, and historical context.
🟢 Communicate Clearly: Keep all stakeholders informed about the risks and treatment plans. Regular communication ensures that all parties are aware of potential issues and can contribute to managing them.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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