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Risk Analysis

15 Steps for Risk Assessment

Risk assessment is the process of identifying risks and assessing their probability, impact and cost. This requires looking at how risks will be controlled in order to determine their actual business impact after you mitigate risks and develop contingency plans. The following are basic examples of how a risk assessment is conducted.


The scope of the assessment such as a project, process, business unit or system.


Identify the stakeholders who own the risks and who need to be informed about the analysis.

Risk Identification

Stakeholders and subject matter experts help to identify risks. Past risks, known risks and lessons learned can be used.


Assess the probability of each risk.


Estimate the impact of each risk.


Calculate risk level as probability × impact.


Filter out risks are that are low impact or that are low priority and medium impact.

Risk Triggers

Identify conditions that will trigger the risk.

Moment of Risk

Document the likely timing of each risk.


Identify risk treatments such as acceptance, mitigation or avoidance.

Risk Controls

Plan to implement risk treatments.


Document what you will do if the risk actually occurs.

Risk Cost

Calculate cost of risk.

Risk Register

Deliver a list of risks that will be monitored and controlled.

Risk Reporting

Deliver reporting and dashboards for the identified risks.
Next: Risk Assessment Examples
More about risk assessment:
Cost Of Risk
Probability-Impact Matrix
Risk Analysis
Risk Assessment
Risk Costs
Risk Estimates
Risk Exposure
Risk Identification
Risk Impact
Risk Treatment
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