KGM - Project Management Risk Issue Log - Guidelines on Risk Management
Guideline on Risk Management (Version 1.7)
How should I identify Start identifying risks early in the project – project planning stage
risks? Use available inputs such as Customer Requirements, Contract, SOW, Business Requirements, etc. to identify risks
Involve all roles in the project for risk identification
Define risks co
Field Description
Category This field details the various categories under which risks can be identified. The Risk Identification Checklist can be used to assist yourself in identification of the
risks. Additional details on each category is given in comments within the cell.
ID This field represents an unique identifier to each risks. It is recommended to use a running serial number as the identifier.
Status This field conveys the current status of the risk as Open/Closed or Changed to Issue.
Status -> Open This conveys that the stated risk exists and can occur. Update the "Opening Date" and "Expected Expiry Date" column when the risk is opened.
Status -> Closed This conveys that the stated risk is now closed and will not occur. In case a similar risk is forseen a second time, raise a new risk with a new ID. Update the
"Closure Date" column when the risk is closed.
Opening Date This field is updated when a new risk is opened and indicates the date when the risk is opened.
Expected Expiry Date This field is updated when a new risk is opened and indicates the day by when the risk is expected to expire.
Closure Date This field is updated when a risk is closed and indicates the date when the risk is closed.
Source of Risk Mention the source of the risk
- identified
Description of the Risk Describe byand
risk whom
its impact under the following headings
& its Impact - Findings (What facts did you find which helped you identify the risk?)
Probability of - Risk
This (What
field is the the
indicates risk?)
probability of occurrence of a risk in a scale of 0 to 1 where:
Occurrence - Impact
0.1 (What
= Almost could be
certainly willthe
notimpact
happenof(Very
the risk
Lowif itprobability)
occurs?)
0.3 = Unlikely to happen (Low probability)
0.5 = Might or might not happen (Moderate)
0.7 = Very likely
Basis of Determining Provide a basis/description on why such a probability no. was selected.
Probability
Probable Severity of Define the probable severity of impact based on the following guidelines
Impact Project Objective
Cost
Schedule
Scope
Quality
Risk Exposure The risk exposure is calculated automatically.
Owner of the Risk Risk Exposure
This field = Probability
contains the name of
of Occurrence * Probable
the Associate Severity
/ Team / Client of Impact
/ External * 100who owns the responsibility of mitigating the risk and to undertake contingency
Vendor
activities in case the risk occurs.
Strategy The strategies available for responding to a risk are “Avoidance”, “Transference”, “Mitigation” and “Acceptance”. Choose a response strategies based on the
results of risk analysis and develop specific action plans to implement the strategy
AVOIDANCE
Risk
Plans/Action Items Mention the plans/action items to associates based on the strategy identified.
Status of Plans/Action Describe the status of plan/action items identified.
Items
Contingency Strategy This field describes the strategy to be undertaken in case the risk occurs and becomes an issue.
Version 1.5, 31st Jan 2006 Issue Page 1 of 1
© 2006 Kanbay Incorporated Uncontrolled if Copied/Printed PMDLRIMT
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