The DRED risk management model is a widely used framework for managing risks in project management. It is an acronym that stands for:
- Discover: This involves identifying the potential risks associated with a project or activity. It is important to look at both internal and external factors that could impact the project.
- Rate: Once the risks have been identified, they need to be assessed and prioritized based on their likelihood and potential impact. This helps to determine which risks need to be addressed first.
- Evaluate: This step involves analyzing the risks to determine their root causes and potential consequences. It is important to understand the factors that contribute to the risk in order to develop effective risk mitigation strategies.
- Decide: Based on the evaluation of the risks, decisions need to be made about how to manage them to mitigate the risk and create reducing risk assignments, or compensatory controls. This may involve avoiding the risk, transferring the risk to another party, reducing the risk through mitigation strategies, or accepting the risk.
The DRED model provides a structured approach to risk management that helps project managers to identify and mitigate risks before they have a negative impact on the project. By following this model, project managers can ensure that risks are effectively managed and that the project is completed on time and within budget.
The DRED model was developed by NJP (Nir J. Passi) in 2020 as part of its Cyber Security Consulting firm methodology.
