SPM Risk Management Process: is a vital component of the RIDAC framework (Risk, Issue, Decision, Action, Change). The objective is to improves project outcomes by integrating risk management into each project step.

Project Workspace RIDAC Management

Though Justin Meadows’ video is pre-Washington, his explanation of RIDAC and Risk Management remains great relevant content, providing clear insights into these processes.

Here are statistics from using RIDAC, and Risk Management, to proactively address challenges with better project outcomes.

• Gain 30% more visibility into potential issues, allowing for proactive decisions.
• Experience 25% fewer disruptions, resulting in smoother and more predictable completions.
• Achieve a 40% improvement in portfolio health through continuous risk monitoring.
• Realize a 20% increase in business goal achievement by aligning risks with long-term objectives.

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RIDAC Form (Risk, Issue, Decision, Action or Change Requests)

Steps to Add a Risk Record in Project Workspace

1. Open a Project: Go to Project Workspace.
2. Access RIDAC: Select RIDAC from the menu.
3. Choose Record Type: Select Risk, Issue, Decision, Action, or Change Request.
4. Fill in the Form: Enter risk details and mitigation plans.
5. Submit: Manage and update as you monitor the risk status throughout the project lifecycle.

High-Level SPM Risk Management Process Updates with Project State

Risk Status	Description	Next Status	Project State
Pending	Risk identified, no action yet.	Moves to Open.	Leads to Work in Progress.
Achieved	Risk fully mitigated.	Moves to Closed Complete.	Risk closed.
Not Achieved	Mitigation failed, unresolved risk.	Moves to Closed Incomplete.	Marked as Closed Incomplete.
Avoid	Risk avoided by project changes.	Moves to Closed Complete.	Project continues, risk closed.
Mitigate	Actively reducing risk.	Stays in Work in Progress.	Moves to Achieved or Not Achieved.
Transfer	Risk transferred to third party.	Moves to Closed Complete.	Risk closed once transferred.
Accept	Risk acknowledged, no action.	Moves to Closed Complete.	Risk closed.

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Risk Management: Key States and Transitions

The Risk Management Life Cycle ensures each risk is actively tracked, addressed, and resolved, aligning projects with strategic goals. Moving methodically through each stage, with proactive risk management and successful project outcomes.

• Pending: Log the identified risk immediately. It transitions to Open when assessment starts.
• Open: Assess the risk and develop a mitigation plan. Once the plan is ready, the risk moves to Work in Progress.
• Work in Progress: Actively manage and mitigate the risk. Depending on the outcome, it moves to Closed Complete if fully mitigated, or to Closed Incomplete or Closed Skipped if mitigation fails or the risk becomes irrelevant.
• Closed Complete: Mark the risk as Achieved when fully mitigated and resolved.
• Closed Incomplete: Mark as Not Achieved if mitigation fails and no further action is taken.
• Closed Skipped: If the risk becomes irrelevant or dismissed, mark it as Not Achieved.

Each transition keeps risks under control, ensuring projects stay aligned with objectives and finish successfully.

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Work In Progress: Risk Status Options

Throughout the project, risk management updates continue until closure:

• Accept: Acknowledge the risk with no action. Moves to Closed Complete.
• Achieved: Fully mitigate the risk. Moves to Closed Complete.
• Not Achieved: Mitigation fails or is dismissed. Moves to Closed Incomplete or Closed Skipped.
• Avoid: Successfully avoid the risk. Moves to Closed Complete.
• Mitigate: Continue active mitigation efforts. Stays in Work in Progress.
• Transfer: Shift the risk to another party. Remains in Work in Progress until confirmed.

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Aligning SPM Risk Management with Portfolio and Project Management

Integrating risk management across project and portfolios, improves alignment with strategic goals, improving overall success.

Portfolio Management Touchpoints:

• Demand Intake: Log risks at the portfolio level.
• Demand Review: Prioritize risks for alignment with portfolio goals.
• Demand Execution: Implement risk mitigation strategies across projects.
• Demand Closure: Review and formally close risks at the portfolio level.

Project Management Touchpoints:

• Ideation: Identify risks early.
• Planning: Develop risk assessments and strategies.
• Execution: Track and mitigate risks.
• Closure: Document lessons learned and close out risks.

Other SPM Risk Management Process Resources

• Add a RIDAC record to a project in Project Workspace
• Add risks for a project
• Access the new Project Workspace
• Associate existing RIDAC (Risks, Issues, Actions, Decisions, and Request Changes) records
• Configure custom Risk rank and Risk value for a project
• Convert RIDAC (Risk, Issue, Decision, Action, and Request Changes) record to another project
• Dependencies in SPM – ServiceNow Community
• Features of SPM
• Managing work using Boards in CWM (servicenow.com)
• Managing Risks: A New Framework (hbr.org)
• PPM Collaboration (servicenow.com)
• RIDAC Log Management – Dawn Christine Simmons
• RIDAC Product Documentation in ServiceNow
• RIDAC records for a project in Project Workspace
• RIDAC: Strategic Portfolio Management
• Risks, Actions, Issues, Decisions (RAID) Log.xlsx Template
• Share a Space in CWM (servicenow.com)
• SPM Collaborative Workspaces
• SPM Project Templates – Dawn Christine Simmons (dawncsimmons.com)
• Timeline: ITBM to SPM
• What is a RAID Log and Why Should I Use One? (projectmanager.com)