Creating a Risk - 3. Analysis | 4. Mitigation Plan Templates

The RiskPlan Analysis Template is where you record the financials of each Risk Record and capture other vitals - Assigning Probability and Impact weights to produce an automated Priority Level and Status Colour you can then make an informed decision on whether or not to Escalate a Risk for further review.

3. Analysis Template

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

The RiskPlan Mitigation Plan Template lets you quickly and concisely outline measures to combat the Probability and Impact of the Risk - Assigning Probability and Impact weights to produce an automated Priority Level and Status Colour you can then make an informed decision on whether or not to Escalate a Risk for further review.

4. Mitigation Plan Template

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 Plan a Contingency (Reduce Impact)? 
• Trigger for Contingent Actions - At what point should contingent actions be taken if this is the main mitigative focus?
• Mitigation Plan - An expandable 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.

For entry information on the remaining two Templates: 'Reference' and 'Overview' please see here.

For Template Tips and Help Text please see here.