A unique identifier for each risk. For example, a number or combination of letters and numbers linking the risk back to the project or Work Breakdown Structure [WBS].
What is the risk? What could this risk result in?
For example, the prolonged use of computer screens could result in headaches, eye strain, blurred vision and neck and back pain.
Likelihood of the risk occurring
How likely is this to happen?
Risk likelihood is usually rated on a scale, for example, 1 to 4 or high, medium, low.
What is the severity of the risk? Would it cause a lot of damage?
Rate this on the same scale as the risk likelihood. The free template uses a 1 to 4 scale, which you can change in the 'dropdowns' tab.
If you are involved in any level of project management, then you have most likely seen, used, or even developed a risk register. Being able to quantify the risk associated with each part of a project is important in planning, design, and implementation phases. Noting triggers and mitigating actions in the analysis is important, as well.
Microsoft Excel can help you with your risk register. You don’t need to create one from scratch. There are several templates and resources to help you. Check out the following sites to find templates, definitions of terms, and even tutorial videos.
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If you’re familiar with risk management, then you know that a risk register template is extremely important. One of the most important parts of managing risks is to work strategically to deal with any potential issues that may occur when you’re in charge of a specific project.
Therefore, you should already have a plan in place such as a risk register template to list down any potential risks then come up with a plan for you to get your project back on track. Using a risk tracker is very beneficial in case any of the potential risks might become realities.
When using a risk register template Excel, the first thing to do is to think about the risks so you can identify them. Don’t worry if you aren’t able to identify all of the possible risks. If you’ve handled similar projects in the past, this step may be quite easy for you.
But if you’re new in the business or it’s your first time to manage a project, then you may want to do some research first. Either that or you can consult with people who have more experience to help you identify the issues you might run into.
Another option is to use sample risk log templates from projects in the past. Reading these reports gives you an idea of the risks that come with projects or even with starting new businesses. No matter which sources you use for your risk tracker, it’s important for you to create one. Here are the benefits of using a project risk register template:
- Use it to collect possible risks and prepare for them.
- After making a list of all the risks, you can create a plan with actionable steps to ensure that if any of these risks occur, you and your team can deal with them.
- It allows you to assign members of your team to deal with any potential risks which may occur. To do this, you must make sure to include assignments when creating your plan for dealing with risks.
- Even if none of the projected risks occur, you can still use the risk log template as your reference for future projects.
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#10Elements of a risk register template
A risk register template is a handy and useful tool which helps add consistency and structure to your risk management process. Using such a template places you ahead of the game and allows you to overcome issues in a faster and more efficient way. Creating this document allows you to identify, evaluate, and deal with risks as they come up.
Risk Trackers
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#23If you’re in charge of a project or if you’re planning to launch a new business, creating a risk register helps you out immensely. Here are the most important elements to include in your risk register template:
- Risk Category
Here, you categorize the risks you come up with. Some common categories include time, resources, environmental, scope, and cost. Using categories allows you to think of the likeliest risks which may occur and group them together for your reference. - Risk Description
This refers to a short description of each of the risks. It’s important to include this so anyone else who reads your project risk register template knows what each risk is all about. - Risk ID
This refers to a unique ID number you use to identify and to keep track of the information in your template. Assigning Risk IDs allows you to find them easily when the situation arises. - Project Impact
For this, you provide a short description of how the risk might impact the project. Including this description allows you to determine which are the most urgent risks to deal with them several occur at the same time. - Likelihood
Come up with an estimation of the probability or likelihood that each of the risks would occur and become an issue. You can use qualitative estimations but if you have enough information, quantitative estimations work well too. - Consequence
This refers to the potential impact or consequence of a particular risk if it becomes a reality. Including this information allows you and everyone else on your team to know how severe the risks are and how to deal with them. - Risk Rank
This is the level or the magnitude of each of the risks. You can come up with the ranking by combining the consequence and the likelihood of each risk. - Risk Trigger
It’s also important to indicate the triggers that would signal that you need to start implementing your contingency plans. This makes it easier for you to know exactly when you must deal with the risk. - Prevention Plan
This refers to an action plan as part of your risk tracker that you create in order to prevent the occurrence of risks. It’s always better to prevent issues from arising rather than having to deal with them. - Contingency Plan
Even despite all your prevention efforts, some risks might still occur. In such cases, you must have a different action plan which you would use to address these risks when they occur. That way, your project won’t have to get delayed because you don’t have a plan. - Risk Owner
This refers to the person you assign to manage the risk when it occurs. Make sure that each risk owner knows about the contingency plans you’ve created so they know exactly what to do. - Residual Risk
This refers to the risk which remains even after you’ve dealt with it. In such a case, you can assign the level of risk as “Low.”
Project Risk Register Templates
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#45Creating your risk register template
Now that you know more about the important elements of a risk register template, you must also know how to create the document itself. You need to go through a number of steps with your team. That way, you can create an effective template which your whole team can use throughout the project’s duration: