Dealing with uncertainty: Risk, Issue and Opportunity Strategy

The WeTrack risks, issues and opportunities module allows you to create a strategy to deal with the uncertainty that is facing you. This strategy becomes a headline flag for how to manage the uncertainty during its lifecycle. From that strategy you can then create the Actions that you will take to deal with the uncertainty.

You choose a strategy when you first create a risk, issue or opportunity, choosing from the drop-down menu in the 'Add New Risk' modal.

In WeTrack, there are seven strategies available to choose from. These are:

• Avoid: this involves removing the risk entirely, in taking some action that results in the uncertainty no longer posing the same threat to your project(s) or event(s) that it previously did.

• Exploit: this is the default strategy selected when you create an opportunity. Opportunities arise when you have the chance to benefit from an uncertainty; it is therefore wise to pursue a strategy that allows you to make the most of the opportunity for your positive gain.

• Mitigate: this is the default strategy selected when you create a risk. A mitigation plan is a series of actions that you take in advance of a potential event that reduces the probability and / or impact of that event.

• Insure: this strategy might apply when you are able to take out some sort of insurance that eases the impact of the risk becoming an issue. It allows you to pass the risk onto a third party.

• Share: this lets you spread the risk or opportunity amongst a supply chain, taking actions that acknowledge that this is a risk that is not solely up to you to deal with and that is not solely yours to be harmed by.

• Contingency: this is the default strategy selected when you create an issue. A contingency plan will identify the likely actions needed to resolve a potential issue, including who is responsible for enacting them.

• Accept: this entails an organizational agreement that no more action can be taken, and so this can only happen after other steps. Risks can be accepted rather than being closed out when you have carried out necessary actions; the risk still exists, but there is an acceptance that no more action can be taken to manage it.

You will then create actions to back up the chosen strategy. Learn about creating actions in WeTrack here.

You can also use the Additional Info field, in the second tab at the top of any risk, issue or opportunity Details Page, to write up a more detailed plan to address the uncertainty.