Idea Risk Management

As well as the project risk management, the idea management requires good risk measure. Of course it will not be possible to manage both, projects and ideas, applying the same risks estimation methods. An idea is well more risky than a project and will necessitate a different approach. But do not forget that a small idea which can seem risky can also bring the best benefits to the organization. That is why it is important to define a good method:

• Risk identification: it is important the creator as well as the idea reviewers to estimate the idea risk. If the Idea Management System handles risk identification, it is good to set up a comparison between the identified risks
• Risk analysis: the idea reviewers need to analyze the risk. A short interview between the reviewer and the creator can be conducted to get more detailed information
• Risk evaluation: Based on risk identification an analysis, a final risk evaluation can be assigned to the idea
• Risk response: in order to make the transition to a project, a risk response plan can be set up

The idea risk management is integrated part of the idea management and needs to be conducted among the idea management workflow. This needs to be used a an independant and strong criteria for the ideas selectors. Nevertheless, the risk shall always be compared to the ROI (Return On Investment) the idea could bring. The ROI does not necessary need to be defined as a financial value but could be explained inside the Idea Management System (FTE saving, improvement of work environment...). Due to the speed of the Idea Management workflow, this can also be integrated to the Project Management workflow.

Thibaut