How do I conduct RAID Risk Management? I am told a RAID Log is what I should use. How do I do this? Is there a template?
RAID stands for Risks, Assumptions, Issues and Dependencies (these initials make up the “RAID” acronym).
1. At project kickoff, in a workshop, or via a RAID questionnaire, assemble your RAID items in lists.
2. For each item, assess the priority or severity.
3. Include notes for each item.
4. Assign a status for each item, so that you can categorise them.
3. Assign an owner for each RAID item.
These items can then be organised and managed in your RAID Log (see Template here) .
Hold routine meetings to review your project RAID Log, to:
1. Update existing RAID items.
2. Add new items.
3. “Close” resolved items.
All the items must be actively tracked and managed to reduce project risk and increase the chances of project success. Project Managers often prioritise the items so that they can focus efforts and actions on the most important.
Project Managers use a RAID Log Template to help them categorise and prioritise their RAID Risk Management.
In small projects, the Project Manager might “own” all the RAID items. In larger projects the ownership (i.e. responsibility for resolving each RAID item) may be spread around the team.
Help with RAID Risk Management
- Risks (R in RAID) – Your project risks are the “issues waiting to happen”.
- Ask yourself “What could go wrong?”, and the list of items in answer to that are your risks.
- Project Managers often use the phrase “There is a risk that …”
- Assumptions (A in RAID) – Assumptions are items that you are relying on – good and bad,… but that may not be.
- Assumptions are aspects of the environment, or of the surroundings to your project that you believe will be in a certain state.
- The purpose of tracking assumptions is that you need to be prepared for your assumptions being wrong.
- Issues (I in RAID) – Issues are the things which are actually going wrong – i.e. Risks that have been realised, and have turned into issues.
- If you were lucky with your Risks identification earlier, you may already be prepared to deal with the issues 🙂
- Dependencies (D in RAID) – Dependencies are items being delivered- or supplied- from elsewhere, and that may not be directly in your control.
- i.e. in order for your project to deliver, your dependencies must be present / delivered / supported.
- Dependencies are quite frequently what cause project failure – track these carefully!
Are you short on time?
Use these templates to help with business best practice:
A stylish PowerPoint project report which allows you to show your progress against the plan and budget.See: Project Report
This captures the key elements of a project so you can deliver a smooth handover.See: Project Handover PowerPoint
This Risk Log and Transition Management Template Pack provides professional risk logs, and transition planning tools. Download at more than 70% discount.See: Risk Log and Transition Management Template Deal (PPT & Excel)
Provide professional updates with this Innovation Project Status Report. Choose from 15 formats, & benefit from guidance notes. Clear & flexible templates.See: Innovation Project Status Report Template (Powerpoint)
This Powerpoint Project Dashboard with Status Template is easy to edit. Download it now! The dials & status graphics are simple to change.See: Powerpoint Project Dashboard with Status Template
The Project Crisis Management Dashboard & Log Register has tools to manage a project recovery. RAID, plus Actions and Repairs. Recovery is the priority.See: Project Crisis Management Dashboard and Excel Log – RAIDAR Template