Project Risk Assessment Template and Good Practice Example

All Industries, Financial Model, General Excel Financial Models

Risk Assessments are essential to the delivery of an effective project and the management of the quality, time, cost, and scope of a project. Since COVID-19, the focus on effective project management of risk has been sharpened. However, this does not need to be a complex activity, and being used effectively can really support the Project Team and make this easier – while giving others confidence in the Project. This template is designed to support Project Managers; Project Team members; Project Boards, and sponsors with a very easy-to-follow and very effective Project Risk Assessment, whether the project is very simple through complex projects. The template also includes an ‘actual,’ good practice Project Risk Assessment example that will support thinking around project risks that might be relevant to your project, how to assess them, and different ways to resolve (or mitigate) the risks.

The example includes project risks associated with COVID-19 and how those risks can be actively managed. The template can be easily followed and developed to provide a foundation for your approach to managing the risks of a project. This can act as a stand-alone Project Risk Assessment document, as the basis for a Project Risk Register, or be part of any other project documentation such as project proposals, Project Initiation Documents, and Project Reports, among others. The template will also offer the Project Team a professional reporting tool to be shared and discussed with others who have a ‘stake’ in the Project, including business managers. As such, this template offers users a Project Risk Assessment template that guides the Project Team through a step-by-step process to identify, assess, and manage the risks of a project and present them in a central location. Overall, this is a high-quality, simple, systematic, and professional means of managing project risk.

Objective 1: To guide the development of a highly effective and professional project risk assessment that can form the basis of risk management throughout the life cycle of the Project.

Objective 2: To provide an example of a good practice Project Risk Assessment that is updated for COVID-19 and can be used as the basis for assessing project risks.

Objective 3: To be sustainable – can be used and reused across a wide range of different project types, including simple, through to complex projects.

Objective 4: To provide an actual project risk assessment, analysis, and mitigation example and template that can be developed to the needs of each project.

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