How do I create and use a Risk Log?

RAG Status for the Innovation Project Status Report

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?

How do I create 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.

How do I use a Risk Log?

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.

An Example Risk Log

Simple Risk Log Template - Risk Log Worksheet
Add each of your project risks on this simple risk log. The Risk Severity is calculated automatically.

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Created : 2020-08-25 19:49:56
Modified : 2020-08-25 19:51:36