Project Risk Assessment Template - Download Free Editable PDF

Project risk assessment template

Effective risk management is crucial for the success of any project. Our project risk assessment template is designed to help you identify potential risks, evaluate their impact, and implement effective mitigation strategies.

Using this template, you create a more organized and efficient project planning process, promoting a culture of proactive management within your organization. Make your projects more successful and efficient with our easy-to-use template.

Achieve excellence with your project risk assessment

The primary purpose of our project risk assessment template is to provide a structured and systematic approach to identifying and managing risks associated with projects. This template helps you identify potential risks, evaluate their impact, and implement strategies to mitigate them, ensuring project success.

Using this template, you streamline your risk management process, promote thorough risk analysis, and reduce the likelihood of project delays and cost overruns. Additionally, it helps ensure that all potential risks are considered, which can enhance your project’s success rate. Ultimately, this template supports the creation of a proactive management culture, leading to improved project outcomes and stakeholder satisfaction. A well-managed project means better results and increased efficiency.

Key elements of the project risk assessment template

Our project risk assessment template includes the following key elements to ensure comprehensive risk management:

Project overview: Gather essential information about the project, including the name, description, start and end dates, and project manager. Accurate details are vital for clear documentation and planning.
Risk assessment: Conduct a detailed evaluation to identify potential risks in areas such as scope, schedule, cost, quality, resources, and other relevant factors. Document each risk, assess its probability of occurrence, and evaluate its potential impact on the project. This helps prioritize risks and focus on the most critical areas.
Risk response: Develop strategies for each identified risk, detailing the actions needed to mitigate or manage the risk effectively. Assign responsibilities to specific individuals or teams and set due dates for implementing risk responses. Ensure these strategies are practical and effective in minimizing potential impacts.

Each section is meticulously designed to guide you through specific risk assessment tasks, helping you identify and mitigate risks effectively. The template also includes space for additional notes and observations, allowing you to document any issues and track corrective actions. This comprehensive approach ensures that no aspect of project risk management is overlooked, providing a robust framework for maintaining project success.

Get started with Lumiform’s project risk assessment template

Ready to enhance your project management process? Download Lumiform’s free project risk assessment template today and start conducting thorough and effective risk assessments.

Our user-friendly template will help you identify potential risks, implement mitigation strategies, and ensure project success. Don’t wait—take the first step towards better project outcomes now! Download your free template and transform your risk management standards with Lumiform.

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Preview of the template

Project Risk Assessment

Project Name

Project Manager

Project Assistant

1. Resouce Risks

1.1 Organisational Risk

Is the project organization documented and on file?

Is the project manager qualified and experienced in project management of this scale?

Have roles and responsibilities been documented?

Have roles and responsibilities been clearly communicated?

Is the organization structure appropriate for the project size and complexity?

Is there an obvious team leader?

Is the quality role identified and assigned?

Is the project sponsor identified and assigned?

Is there a change control board?

Have configurations management functions been assigned?

Are there backup strategies for key members of the project?

1.2 People Risk

Are there enough skilled and experienced employees/vendors/contractors available for the project?

Has the project team a track record of delivering projects on time, quality and budget?

Do the project team feel as if the project is achievable given constraints in place?

Are prospects/customers involved in periodic reviews of the project through its development?

Is there sufficient contingency access to subject matter experts throughout each stage of the project?

1.3 Finance Risk

Is funding adequate and sufficient for the size of the project?

Has any funding been assigned to training and mentoring activities?

Are there predefined budget limitations that would result in project termination?

Are project costs realistic given the size, complexity and scale?

1.4 Schedule Risk

Is the project schedule realistic?

Have dependencies been fully understood, communicated and documented?

Has a critical path been defined?

Have milestones and associated reviews been agreed and planned into program schedule?

Has “Project Terminated” criteria been discussed, agreed and documented in relation to each key milestone?

2. Business Risk

Identified potential risks of a competitor entering the market first?

Assess the risk to project funding and management support?

Have financial benefits of the project relative to costs been defined, demonstrated, agreed upon, and documented?

Are there any major issues to be resolved in the company at the moment?

3. Technical Risk

Scope risks

Technological Risks

4. Planning

Is project scope the same as agreed in the project charter?

Has the project scope statement been reviewed and approved?

Is there a project plan to measure progress?

Does the project plan address at a minimum:

Project scope and deliverables

Work breakdown structure

Task dependencies

Project schedule

Milestone schedule

Project budget

Quality plan

Issue resolution and change management

Risk management plan

Does the project plan address at an advanced level:

Critical success factors

Resource plan – assignment and timings

Cost-benefit analysis

Procurement plan

Communication plan

Configuration management plan

Phase exit plan

Project tracking agreement

Project organisation

Facilities plan

Documentation plan

Materials plan

Training plan

Back-up and recovery plan

Contingency plan

Go live plan

Warranty plan

Transition plan

Is plan for project resources adequate?

Are baseline project schedule and budget realistic?

Is the plan for the organisation of resources adequate?

Are there adequate project control systems?

Is there a central storage for project documentation?

Are key stakeholders bought into the project plan?

Are potential customers involved in the planning process?

Was planning complete before the project was initiated?

Are documents subject to revision control?

Have vendors signed off on the project plan?

Has an independent oversight contractor signed off on the project plan?

5. Tracking and Monitoring

Are the report contents, frequency, and audience defined and communicated to the project team?

Are the input requirements from the project team clearly documented and communicated?

Have reports to be produced, distributed, and filed been defined?

Has the format for tracking and monitoring schedules and costs been defined?

6. Reviewing

Have meetings, purpose, context, frequency, and participants been defined?

What information is required for each meeting?

Are meetings set-up with assigned note-takers to add actions/issues?

7. Issue Management

Is the issue management process documented and defined?

Has this process been communicated to customers and team members?

Is there an easy way for anyone to raise an issue?

Is there a means of tracking and managing issues through to resolution?

Is there a means of learning from issues raised to minimize future issues?

Is there an escalation process to address unresolved issues?

8. Change Control

Is there a change control process in place?

Is the change control process documented and available to the team?

Has the process been discussed and shared with the customer and project team?

Has the change request process been discussed and communicated with customers and project team?

Is all change to be managed through a change control process?

How are change requests logged, managed, assessed and actioned?

9. Dispute Resolution

Has the negotiation process been defined?

Has the mediation process been defined?

Has the arbitration process been agreed upon and defined?

Has the litigation process and boundaries been defined?

10. Risk Management

Are all risks managed according to the project's risk management process?

Will the risk plan be reviewed and updated regularly and frequently?

Will risk status be reported to management on a regular and frequent basis?

Are there documented contingencies for the top 5 risks?

Have the contingencies for the top 5 risks been discussed with the customer and project team?

11. Quality Assurance

Has the quality assurance plan been documented and filed?

Are the QA functions and related roles and responsibilities clearly defined?

Are completion/verification criteria defined for each task producing an output?

Are there test plans, inspections, reviews defined for verifying outputs to each task?

Will QA have final sign-off on tasks successfully completed?

Is there a formal system to manage submitting, logging, tracking, reporting through the change, test, submit, restest process?

Is there a process that allows QA statistics to be collated, assessed with any subsequent issues logged and addressed?

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Frequently asked questions

Why is risk assessment important in a project?

Risk assessment is essential as it enables identification of potential issues before they escalate into major problems. Understanding possible pitfalls allows development of strategies to mitigate risks, effective resource allocation, and maintenance of project trajectory. It’s about preparedness and proactive measures.

What are some common project risks to look out for?

Common project risks encompass scope creep, budget overruns, resource shortages, and technical failures. Unexpected regulatory changes and stakeholder conflicts also pose significant threats. Vigilance in these areas aids in identifying and resolving issues early, preventing them from escalating into major headaches and ensuring project success.

How can I prioritize project risks effectively?

Prioritizing project risks involves evaluating their impact and likelihood. A risk matrix is useful for categorizing risks into high, medium, and low priorities, guiding resource allocation. Concentrate efforts on addressing high-impact, high-likelihood risks initially to maintain smooth project operations and minimize disruptions.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.