As a junior risk manager in XYZ Corp, part of my role involves proactively identifying potential risks to our projects. For instance, when we were migrating our data to a new cloud platform, I grasped the potential risks such as data inconsistency, increased expenditure due to unforeseen changes, or unauthorized access during transit.
To tackle these, I employed the Failure Mode and Effects Analysis (FMEA) method. We ran simulations to create a risk likelihood-impact chart that helped prioritize risks and devise mitigation strategies accordingly. For instance, a data encryption policy was established to resolve the risk of unauthorized access, and contingency budgeting was set up to cover unexpected costs.
The outcome was successful data migration that stayed within budget and had zero critical security incidents, which I believe was partly due to effective risk identification and management.