Part 8 - Risk templates & documents

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Risk Log.pdf0 bytes

Risk log is used very often in projects to track all the risk data. This data can also be used in future projects to mitigate similar risks. See the attached RISKLOG.pdf for sample.

The following is the Glossary of terms used in Risk Log.


Entry Field Descriptions and Purposes
Risk ID Unique identifier assigned by the project/program risk manager
Risk Title Identifying title for this risk
Reported By The individual identifying and documenting the perceived risk
Assigned To The individual responsible for ensuring that the risk response activities are completed (i.e. owner)
Status The risk can be either ‘Active’, ‘Closed’, or ‘Postponed’
Date Opened The date the risk was reported
Date Closed The date the risk was closed (risk eliminated)
Date Postponed The date the risk was postponed (risk not impacting to project)
Risk Type Use ‘none’ while risk is in draft form and/or not published. Otherwise, indicate if this risk is an Advisory or an Escalation.
Risk Description Documentation of an unique event or situation that could positively or negatively impact a project or program's deliverables
Risk Resolution Documentation of how the risk has been eliminated
Impact Category The dimensions of the triple constraint that are the primary source of this risk: cost, scope, schedule, quality.
Impact Description Description of the impact to the project and/or the business if the risk occurs
Probability of Occurrence Likelihood of occurrence identified as a numeric percentage (10%, 25%, 50%,75%, 90%)
Severity of Impact Numeric estimate of the effect a risk will have on biggest impact category (Very Low 1, Low 2, Moderate 3, High 4 or Very High 5)
Risk Exposure Score The product of the ‘Probability of Occurrence’ times the ‘Severity of Impact’
Risk Exposure Status The status color of the risk as determined by the risk exposure score
Risk Response Strategy Potential risk response strategies that decrease risk by lowering the probability of occurrence or reducing the impact
Risk Trigger An event to monitor that will indicate if the risk is increasing in either severity of impact or probability of occurrence and signify that either: (1) another mitigation option should be invoked; (2) the risk should be escalated for resolution; or (3) the risk has occurred and is now an issue to be resolved.
Advisory Contact Someone (management or non-management) who should be advised that this risk has been opened.
Action Due Date Date of next Mitigation action or Contingency action as appropriate.
Mitigation Plan/Schedule Activities to occur to reduce and/or eliminate the risk
Contingency Plan/Schedule Additional activities to occur in case the identified actions in the Mitigation Plan are unsuccessful in resolving the risk. (This may include work around plans.)
Action Plan Escalation activities to occur to reduce and/or eliminate the risk. Actions should be specific with owners and due dates
Risk Closure Criteria What criteria will be used to determine that the risk is reduced or eliminated as to no longer cause an adverse impact upon the project.
Root Cause Statement Use guidelines in edpportal for Change Request and/or change in Project Status as an aid.
Notes Any additional relevant information