Risk Mitigation Report | Excel Template FREE

To manage some risks you need more information than what is captured on the risk register. Mitigating actions, can cause secondary risks and contingent actions may need funding to be set aside and additional time to be built into the schedule. This template has space for that, and has room to assess individual risks by impact on scope, quality, schedule and cost.

You can use this template to create a detailed plan for handling your critical and/or complex projects risks.
Risk Mitigation Report excel template

The contents of the Risk Mitigation Report Template in Excel

 
Project Details
Enter the:
  • Project number
  • Full project name
  • Date
  • Project Manager
  • Project Sponsor
 
Risk details
  • Risk ID
  • Status
  • Risk Description - including the impact to the project if the risk occurs. It may help to use the format 'if x happens, it will mean y'.
 
Impact of the risk
  • Probability - rating of the likelihood of the risk happening. For example, High, Medium or Low.
  • Scope - will the risk change the project scope?
  • Quality - would the risk impact quality?
  • Schedule - will the risk cause a delay or reduction the project schedule?
  • Cost - would there be an impact on the project costs?
Score
Use the risk matrix to score the risk. Often the score will be a combination of probability and impact (see Risk Assessment, 4 by 4 risk matrix and 3 by 3 risk matrix.

Mitigating actions:
Describe the action that can be taken to reduce the impact or probability of the risk (see risk responses).
 
Revised impact once mitigating actions have been completed
  • Probability - new rating of the likelihood of the risk happening.
  • Scope - new impact on project scope.
  • Quality - revised impact on quality.
  • Schedule - revised impact on the project schedule.
  • Cost - new impact on the project cost.
Revised score - new risk score now that the mitigating actions have been taken.

Actions - any remaining actions.

Responsible party - the person who will do the remaining actions.
 
Secondary risks
The mitigating actions might cause some additional secondary risks, which you can describe here.
 
Residual risk
Describe any risks that will still be in place once the mitigating actions have been taken.
 
Contingency plan
Describe what you will do if the risk happens. Include any funds and time you have set aside.
 

Download this template!

Excel 97 - 2003 download - Risk Mitigation Report (.xls)

Excel download - Risk Mitigation Report (.xlsx)

OpenDocument Spreadsheet download - Risk Mitigation Report (.ods)

 

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