Project Risk Assessment Template and Good Practice Example (Excel XLSX)

Project Risk Assessment Template and Example Risks, Assessment and Mitigation (updated in 2022 to include Emerging from Covid-19 risks)

Managing the risk effectively is a key element of Project Management. Effective Project 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 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 to 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 a project proposals; Project Initiation Documents; Project Reports among others.

The template will also offer the Project Team with a professional reporting tool to be shared and discussed with others that 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.

The template is structured to guide you through each stage of the project lifecycle, ensuring comprehensive risk identification and management. It includes a detailed risk assessment matrix and mitigation strategies tailored to different project phases.