2. Risk description: Consultant or contractor delays Likelihood of the risk occurring Impact if the risk occurs Severity Rating based on impact & likelihood. Owner Person who will manage the risk. Mitigating action Actions to mitigate the risk e.g. reduce the likelihood. Contingent action Action to be taken if the risk happens. 3. Risk description: Estimating and/or scheduling errors Likelihood of the risk occurring Impact if the risk occurs Severity Rating based on impact & likelihood. Owner Person who will manage the risk. Mitigating action