You need a Risk Log so that you can track and manage your project risk. How do you create one and then use a Risk Log?
1. List your risks: Start a spreadsheet, and add a row for each risk.
2. Set the Status: Track the status for each risk: open, in progress, mitigated.
3. How bad?: Track the severity of each risk.
4. Who’s the Owner: Assign an owner of each risk.
5. What is the Mitigation?: Record what needs to be done to reduce or close each risk.
Hold regular (e.g. weekly) project update meetings, and as part of these run through your risks and update them. For each risk, check with the owner: a) What is the status? Any change? b) Have the agreed actions been complete? c) Has the mitigation approach changed? d) Any new risks appearing due to this risk? Circulate the updates to sponsors and team members.
Short on time?
try one of these templates:
- Risk Log
- RAID Project Templates - Risks Assumptions Issues & Dependencies
- Dials and Speedometers - Status Indicators
I need to manage a log of risks, and apparently a RAID Log is what I should use. How do I do this? Is there a template?
Your project success relies on you communicating project status. Use these tips and templates to help
Find out how to score risk, using impact and likelihood, on your risk log. Find templates and avoid problems.
How to show the levels of risk, in a useful way, on a Project or Product Roadmap, so that it can be understood quickly.
I need to create a plan for Risk Management, and track our progress. What should I use?