Risk Register Workbook Instructions This template is to be used for identifying risks and creating plans for how to avoid them (negative risks) or how to make them happen (positive risks) and what to do if they happen (contingency plans) and managing them throughout the project. The first sheet, titled Risk Register, shows a number of fields to use for gathering the following information about risks. Risk ID is some unique value that identifies the risk. Risk Name is a short description of the risk. Risk Description "If this risk occurs, then what impact will it have on the project?" It should be written as an "If, then" statement. Impact as rated on a very low, low, medium, high, and very high scale. Probability as rated on a very low, low, medium, high, and very high scale. Risk Ranking: Using the risk matrix found on the right on the Risk Register sheet, detemine the color code (risk ranking) for each risk. Positive/Negative: Is this risk a positive risk (an opportunity) or a negative risk? Proactive Response Plan is a detailed plan of what changes will be made to the project, project scope, and/or WBS proactively to try to make the risk happen (positive risk) or stop it if it is a negative risk. Trigger Event is a description of how you will know if the risk has occurred or is about to occur. Reactive Contingency Plan is the description of what you plan to do if the risk happens. How will you react to the risk once it occurred? Risk Register ID Risk Name Risk Description Impact VH,H,M,L,VL Example: please remove before completing document. 1 Critical equipment does not arrive on time. If critical pieces of equipment do not arrive on time, the H project will fall behind schedule. Probability Risk Ranking Positive/Negative VH,H,M,L,VL What is the risk color code ? Is this a positive or negative risk from the risk matrix? H Red Negative Proactive Response Plan Trigger Event What do you think will trigger the event? What proactively can be attempted to make the risk happen or prevent it? 1. Add activities to the WBS to ensure with the manufacturer that the equipment is being built or shipped as required. 2. Have a member of project team go to the manufacturing plant to Parts do not ship on ensure equipment parts are in progress assigned date. and on schedule. 3. Add steps to the WBS to ensure the manufacturer ships on time. 4. Add steps to WBS to track the shipment as needed. Reactive Contingency Plan What are your backup plans if the risk should occur? If possible, have a backup supplier identified and standing by. 2 3 4 Impact Very high High Medium Low Very low Very low Low Medium Probability Risk Matrix High Very high