A risk management log needs to be developed to help with the identification, management and ranking of risks throughout the life of the project.Below are the types of fields that are contained within the worksheet.Following is an example of a risk management worksheet.
General Risks
General Risks are risks that can occur throughout the life of the project but do not have a specific date that can be associated with it.
Specific Risks
Specific Risks are risks that can be associated with a particular date when it may occur.
Number
A sequential number assigned to the risk for identification purposes. Example of number scheme - 1, 2… for general risks, and 1, 2… for specific risks.
Risk/Threat
Risk identification consists of determining risks that are likely to affect the project and documenting the characteristics of those risks. Risks to both the internal and external aspects of the project should be tracked. Internal risks are those items the project team can directly control and external risks are those events that happen outside the direct influence of the project team.
Business Priority
Determining the business priority can be simplified by using the following table. This table can be modified to fit the needs of a particular project.For most projects this table works well just as it is.
Risk Management Strategy
Mitigation Activities
Enter the mitigation activities that can be accomplished to prevent the risk from happening.For example if you are having a birthday party and you are purchasing a cake and want to make sure that cake is ready when you go to pick it up, call the bakery the day before to verify the order and the pickup time.
Contingency
Contingency plans are developed as a result of a risk being identified. Contingency plans are pre-defined action plans that can be implemented if identified risks actually occur.For example even though you called to verify your cake order the time of pickup when you get there the bakery has burned down. Your contingency is to go to Costco to purchase a sheet cake.
