Creating a Risk - 1. Overview | 2. Analysis | 3. Mitigation Plan Templates

1. Overview Template

Classifying a Risk is important to identify key areas of your organisation that are subject to high levels of risk as well as how that risk is shared in responsibility within departments. Understanding this can allow you to effectively identify where to focus on proactive risk management, as well as reallocating risk ownership to ensure sufficient resource has been allocated should the worst case happen.

Add and capture data via any of the below Fields:

• Title - A short label surmising the Risk.
  • A Title MUST be present for the Risk Record to save
• Owner - Who is responsible for the oversight of the Risk?
• Type - Classify the kind of Risk from an extensive selection.
• Project - Is the Risk associated best to an ongoing or future planned project?
• Business Unit - Can the Risk be aligned to a particular business unit?
• Team - Is the Risk specific to a Team within your organisation?
• Description (IF... THEN...) - Describe the Risk in more detail: IF this happened THEN... could occur...
• Areas Impacted - What segments of your organisation are most susceptible to the described Risk?

2. Analysis Template

Gauging the overall priority of a risk is crucial in enabling strategic risk management and ensuring risks are consistently weighted and scaled throughout the business. By assigning Probability and Impact Levels, in addition to the range of financial impacts; those risks that are most detrimental to your overall business objectives/strategy become highlighted.

Ultimately, this priority will effectively allow strategic risk management by determining whether Escalation is required and preventing minor projects from flagging critical risks to the programme.

Add and capture data via any of the below Fields:

• Probability (P) - Use the slider on a scale of 1-5 to show how likely the Risk is to occur.
• Impact (I) - Use the slider on a scale of 1-5 to show how large the impact to your organisation would be if the Risk were to occur.
• Priority - An automatically calculated score based on Probability and Impact (PxI).
• Status - An automatically assigned colour dependent on the Priority Level.
  • Red = >20
  • Amber = >=10
  • Green = <10

• Status Summary - Add some explanatory comments for the Status, why should it be considered as Red, Green etc?
• Financial Impact Worst - The most severe financial cost to the organisation that could occur if the Risk were to take place.
• Financial Impact Expected - The expected financial cost to the organisation if the Risk were to take place.
• Financial Impact Best - The least severe financial cost to the organisation that could occur if the Risk were to take place.

• Escalate - Should the Risk be raised for further examination.
  • You can Filter any of the Reports to show only 'Escalated' Risks

3. Mitigation Plan Template

Defining and focusing on the overall mitigation plan strategy in addition to having two specific layers of actions, preventative and reactive, safeguard you from vague and generic action plans. As a result your plans are more likely to be effective and efficient, with this ultimately more focused approach producing greater preventative mitigation of risks and reactive combatting via more easily actionable plans. 

Add and capture data via any of the below Fields:

• Mitigation Strategy - What is the main mitigative focus, to Accept the Risk as guaranteed, Reduce the Probability or to Reduce Impact?
• Mitigation Plan - An expandable preventative action-logging List.
  • Click the '+' to add an action with a corresponding Type; (C) Contingent, or (P) Preventative, Owner and whether its been Completed or not.
• Trigger for Reactive Actions - At what point does the risk become and issue and require reactive actions?
• Reactive Plan - An expandable reactive action-logging List.
  • Click the '+' to add an action with a corresponding Owner and whether its been Completed or not.

For Template Tips and Help Text please see here.