How do I create and use a Risk Log?

Q: 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.

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

Add each of your project risks on this simple risk log. The Risk Severity is calculated automatically.

Are you short on time?

Use these templates to help with this Best Practice:

RAID Log Excel Template

This RAID Log Excel Template helps you track detailed Risks, Assumptions, Issues and Dependencies and presents them on a summary Dashboard for easy understanding. Great for Board Reports and Status Reports.

See: RAID Log Excel Template

Simple Risk Log Template (Excel & Google Sheets)

This Simple Risk Log Template helps you to list your risks, track them, and see the summary status on the Dashboard: Number of severe, mitigated etc!

See: Simple Risk Log Template (Excel & Google Sheets)

Risk Management Template Discount Bundle

Whether your products and projects are going well, or if they are in crisis, you need to proactively manage your project risk. This bundle gives you all the tools to manage, plan and react to changes in Risk exposure. Risk logs to DRP plans – they are all here.

See: Risk Management Template Discount Bundle

Business Topics that support this Best Practice

Project Status Reporting

Project Report

A stylish PowerPoint project report which allows you to show your progress against the plan and budget.

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Comparison Template

A stylish PowerPoint comparison template which lets you quickly and effectively show the difference between different companies or products.

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RAG Status Template PowerPoint

The RAG Status Template provides a range of RAG formats so that you can communicate project risk levels – Red, Amber, Green – quickly and easily.

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Project Handover PowerPoint

This captures the key elements of a project so you can deliver a smooth handover.

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RAG Status Reports & Dashboards

RAG Status Template PowerPoint

The RAG Status Template provides a range of RAG formats so that you can communicate project risk levels – Red, Amber, Green – quickly and easily.

See: RAG Status Template PowerPoint

Project Status Report Template Discount Bundle (PPT & Excel)

All of our Project Status Report Template formats in one discount package. Enjoy our professional formats for delivery status, risk status, rollout status, and innovation status. All in easy-to-edit Powerpoint and Excel.

See: Project Status Report Template Discount Bundle (PPT & Excel)

Solution-focused Excel Risk Log with Dashboard Template

This Risk Log template supports a Solution-focused Risk Management strategy by combining a powerful Risk Dashboard with Mitigation Data. Show HOW and WHEN your risks will be mitigated, and WHO owns them.

See: Solution-focused Excel Risk Log with Dashboard Template

Dashboard Report (Powerpoint)

A dashboard report powerpoint perfect for updating key stakeholders on projects against delivery, including overall summary, RAG, Risk, SWOT, Dials, Highlights and a Roadmap.

See: Dashboard Report (Powerpoint)

See all RAG Status Reports & Dashboards

An Example Risk Log

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