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Risk Log


Risk Log


Risk and Issue Log Legend

A risk is the effect of uncertainty on project objectives.
An issue is a risk that has occurred.

Column Heading Direction
ID #: Unique number assigned to Risk Statement for easy identification
Risk Statement Name of the risk.
Risk Description Short description of the risk.
Assigned to: The person with the authority and accountability to manage the risk
Planned Completion Date: Date the risk owner commits to taking action to treat the risk
Closed Date: Date the risk is no longer a risk (i.e. likelihood would be 0%)
High: Could impact schedule or cost by 20% or more
Medium: Could Impact schedule or cost by 5% - 19%
Low: Could Impact schedule of cost by 5%
Issue: Risk has occurred
High: >50% chance of happening
Medium: 20% - 49% chance of happening
Low: < 20% chance of happening
Risk treatment: Select and implement one or more options for changing the probability of occurrence, the effect of risk, or both. This is followed by a cyclical process of reassessing the new level of risk, with a view to determine its tolerability against the criteria previously set, in order to decide whether further treatment is required. Types of risk treatment include:
a. Avoid risk (not start or contineu the activity that gives risk to the risk
b. Take or increase risk (to pursue an opportunity)
c. Remove risk source
d. Change risk likelihood
e. Change risk consequences
f. Share risk with another party (contracts, financing, insurance, etc)
g. Retain risk (by informed decision)
h. Modify risk (through controls)
i. Accept risk after mitigation (residual risk)
j. Create risk contingency plan (regarding business resumption or continuity of key operations, if project fails to get done)
Status: Updates regarding actions taken to treat the risk are entered and dated

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Standard (Non-IT) Audit Program



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