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Agile methodologies have been field-tested for more than a decade and have delivered impressive results. In the case of risk management, potential sources of risk are addressed by breaking down the cause into smaller parts. In this manner, risk can be handled quickly and efficiently, enabling short feedback loops to quickly learn from mistakes and inform changes to prevent future occurrences.

The appeal of Agile in risk management lies in its iterative approach, emphasis on collaborative environments, and self-organizing teams. Collaboration between all stakeholders, both between the customer and the developer, as well as across all functional departments is of critical importance, so it’s not surprising that companies give top priority to collaboration (47%).

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Daily scrum teams are a major part of Agile where “individuals over interactions” are given more value than “processes and tools.” During the sprint cycle, instant feedback is critical. The scrum team’s work is displayed and reviewed with all stakeholders at the end of each cycle. This is iterated throughout the project and repeated with each cycle, with adjustments for targets and methods as needed — giving companies valuable information, providing visibility into risks (36%), and establishing enterprise-wide policies as a result (32%).

The realization of a risk management system requires a carefully orchestrated collaboration across the enterprise, where the procedures for handling these events is standardized company-wide. While most manufacturers have a risk management system in place, Best-in-Class companies focus on creating a business strategy that pursues risk management using Agile methods.

Learn more by checking out the content brief, Making the Case for Agile Methods in Risk Management.

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