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?
Use these templates to help with business best practice:
- Risk Log
- RAID Project Templates - Risks Assumptions Issues & Dependencies
- Dials and Speedometers - Status Indicators
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