Purpose: The risk log template facilitates risk logging, assessment and monitoring.
Process: Risks may have been identified at the initial risk assessment, during the production of the project definition and work plans. Risks may also start life as issues which are then identified as risks. All project risks are logged and assessed for impact on time, cost, scope and quality as well as their probability of occurring. A mitigating action plan is then agreed, together with an owner and due date.
The risk score, usually a calculation involving the probability multiplied by the impact figure, divided by a factor to reduce it to a result between 0 and 1, is used to prioritize the risk and escalate it if it is higher than an agreed limit.
Once the risk log has been created and populated, it should be reviewed on a regular basis at risk management meetings as well as at the end of each stage or phase of the project and whenever the plans are changed.
Qualification:
- Are risks being actively managed?
- Do all risks have owners and action plans?
- Are updates being entered?
Risk Log Template:
Copy and paste the following headings into a spreadsheet or table and format as required:
- project name
- serial number
- raised by
- date raised
- description
- probablility
- impact
- risk score
- owner
- action or mitigation
- due date
- update
- status
