Comprehensive Project Risk Assessment Template

• Project Title

• Client

• Project Manager

• Performed on

Risk Identification/Risk Monitoring

• Expected risks are risks that you know will occur or are highly likely to occur, based on past experience or previous projects. Potential risks are risks that could occur, but are not likely to.

• Select (+) Expected Risk to identify an expected risk:

Expected Risk

• Describe the expected risk:

• At what point in the project will this expected risk most likely occur?

• What will be affected by this expected risk?

  Select Employee Productivity Relationship with Client or Other Stakeholder Environment At Work (Workplace or Site) Equipment, Machinery, or Tools Supplies and Materials Other

  • Employee Productivity
  • Relationship with Client or Other Stakeholder
  • Environment At Work (Workplace or Site)
  • Equipment, Machinery, or Tools
  • Supplies and Materials
  • Other

• Please specify:

• What is the possible end result on project deliverables?

  Select Delayed Completion Over Budget Lower Quality Other

  • Delayed Completion
  • Over Budget
  • Lower Quality
  • Other

• Please specify:

• Will this expected risk have a high negative impact on project deliverables?

  Yes

  No

• Are mitigation resources needed to combat this expected risk sufficient or insufficient?

  Sufficient

  Insufficient

• This is a comfortable risk. It has medium priority. Ensure that the mitigation resources needed to combat this risk remain sufficient throughout the project.

• This is a critical risk. It has high priority. Work towards making mitigation resources needed to combat this risk sufficient. If that is not possible, closely monitor this risk.

• This is a low priority risk. Keep it it mind during the project but focus your efforts on higher priority risks.

• Select (+) Potential Risk to identify a potential risk:

Potential Risk

• Describe the potential risk:

• At what point in the project will this potential risk most likely occur?

• What will be affected by this potential risk?

  Select Employee Productivity Relationship with Client or Other Stakeholder Environment At Work (Workplace or Site) Equipment, Machinery, or Tools Supplies and Materials Other

  • Employee Productivity
  • Relationship with Client or Other Stakeholder
  • Environment At Work (Workplace or Site)
  • Equipment, Machinery, or Tools
  • Supplies and Materials
  • Other

• Please specify:

• What is the possible end result on project deliverables?

  Select Delayed Completion Over Budget Lower Quality Other

  • Delayed Completion
  • Over Budget
  • Lower Quality
  • Other

• Please specify:

• Will this potential risk have a high negative impact on project deliverables?

  Yes

  No

• Are mitigation resources needed to combat this potential risk sufficient or insufficient?

  Sufficient

  Insufficient

• This is a comfortable risk. It has medium priority. Ensure that the mitigation resources needed to combat this risk remain sufficient throughout the project.

• IMPORTANT NOTE: Comfortable potential risks have less priority than comfortable expected risks.

• This is a critical risk. It has high priority. Work towards making mitigation resources needed to combat this risk sufficient. If that is not possible, closely monitor this risk.

• IMPORTANT NOTE: Critical potential risks have less priority than critical expected risks, but have more priority than comfortable expected risks.

• This is a low priority risk. Keep it it mind during the project but focus your efforts on higher priority risks.

Mitigation Plan

• Aside from risk monitoring, how else will you know that a risk has occurred? (symptoms of risk)

• Once you are aware that a risk has occurred, what must be done? Outline the steps, resources, and people involved:

General Contingency Plans

• Note: This section is for unidentified risks, the risks that suddenly occur during a project.

Example

• Procedure for:

• When risks with high negative impact on project deliverables occur;

• When risks with medium or low negative impact on project deliverables occur;

• When employee productivity is affected;

• When relationship with client or other stakeholder is affected;

• When environment at work is affected;

• When equipment, machinery, or tools are affected;

• When supplies or materials are affected;

• Will there be an orientation or training session on these general contingency plans for employees?

  Yes

  No

  N/A

Employee Participation

• How will you encourage employees to raise risks/notify you or their direct managers that they have identified a risk or that a risk has occurred?

• What is the system for raising/reporting risks?

Evaluating Risk Identification

• What can be improved? (your overall critique of your risk identification process)

• What worked? (steps or actions that made risk identification more effective)

• What didn't work? (steps or actions that made risk identification less effective)

• What must be done moving forward to make risk identification more effective?

Evaluating Risk Monitoring

• What can be improved? (your overall critique of your risk monitoring process/system)

• What worked? (steps or actions that made risk monitoring more effective)

• What didn't work? (steps or actions that made risk monitoring less effective)

• What must be done moving forward to make risk monitoring more effective?

Evaluating Risk Mitigation

• What can be improved? (your overall critique of your risk mitigation plan/process/system)

• What worked? (steps or actions that made risk mitigation more effective)

• What didn't work? (steps or actions that made risk mitigation less effective)

• What must be done moving forward to make risk mitigation more effective?