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Risk Management Log Template

Name

Risk Management Log Template

Description

RISK MANAGEMENT LOG
Column Instructions For Completing This Document
Complete the Project Name, NC, Project Manager Name, and Project Description fields

For each risk identified, complete the following:
A ID: A unique ID number used to identify the risk in the risk tracking log.
B "Current Status: This column should be populated with the risk's current status.

  • Open: The risk is currently open but is not yet an issue.
  • Closed: The risk is no longer considered an active project threat and can be closed with or without resolution."

C "Risk Impact: This column should be populated with the potential impact of the risk if it did become a project issue. Valid options include the following: High, Medium, Low. These are defined as follows:

  • High: Risk that has the potential to greatly impact project cost, project schedule or performance.
  • Medium: Risk that has the potential to slightly impact project cost, project schedule or performance.
  • Low: Risk that has relatively little impact on cost, schedule or performance."
D Probability of Occurrence: This column should be populated with the estimated probability that the risk will at some point become a project issue.
E "Risk Map: This is a calculated field based on the values selected for both Risk Impact and Probability of Occurrence.
  • Green: LL (Low Probability, Low Impact), LM (Low Probability, Medium Impact), ML (Medium Probability, Low Impact)
  • Yellow: LH (Low Probability, High Impact), MM (Medium Probability, Medium Impact), HL (High Probability, Low Impact)
  • Red: MH (Medium Probability, High Impact), HM (High Probability Medium Impact), HH (High Probability, High Impact)"
F Risk Description: This column should be populated with a description of the risk.
G Project Impact: This column should be populated with a description of the potential project impact as a result of the risk.
H Risk Area: This column should be populated with the appropriate risk area.
I Symptoms: This column should be populated with the symptoms of risk that may eventually lead to the execution of a risk contingency plan.
J Trigger: This column should be populated with the triggers that would indicate the requirement to execute contingency plans.
K Risk Response Strategy: This column should be populated with the preferred risk response strategy.
L Response Strategy: This column should be populated an appropriate response strategy to prevent the risk from becoming an issue.

M Contingency Plan: This column should be populated with a description of the risk contingency plan.

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Standard (Non-IT) Audit Program

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