This tool is a living document that helps you manage risks that could jeopardize the delivery of your project. By understanding these risks, you can put processes in place to limit or avoid a major crisis.
It’s a process that involves identifying risk categories that could affect your work, ranking these in order and applying a ‘risk score’ to each. If the score is too high for one of your risks, then a ‘risk reduction strategy’ needs to be applied.
Your output will be a table indicating the ‘risk categories’ in the left column, and outlining the risk itself, its status, score, and your response (who and when) in the top row headings. Allocating a person to manage each of the risks in a time-bound and accountable way is extremely important.
