Next: Risk Assessment Examples
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.
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.
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.
Plan to implement risk treatments.
Document what you will do if the risk actually occurs.
Calculate cost of risk.
Deliver a list of risks that will be monitored and controlled.
Deliver reporting and dashboards for the identified risks.