Risk Data Sheet | FREE Word Download

Use this free template to manage your complicated risks.
Risk data sheets are used to store detail about specific identified risks. This information is typically filled in from the risk register and then updated with more detailed progress information. stakeholdermap.com

Why use a Risk Data sheet?

When the information in the Risk Register is not enough to manage a particular risk. Some risks may be of sufficiently high severity or complexity that they need to be managed closely. Responding to these risks may trigger Secondary Risks and/or Residual Risks that need to be controlled. A Contingency Plan may be essential if the risk were to occur, or Fallback Plans may be needed if the Risk Responses don't work. In these cases the actions being taken to respond to/treat the risk need to be noted and tracked carefully, with Secondary and Residual Risks documented and fall back plans spelled out.

The template is fully editable with Word and can be converted or changed to suit your project. The contents of the template is shown below.
Risk Data Sheet - Word template

The contents of this Risk Data Sheet

Document information
  • Document ID
  • Document Owner
  • Issue Date
  • Last Saved Date
  • File Name
Document History
  • Version no.
  • Issue Date
  • Changes
Document Approvals
  • Role
  • Name
  • Signature
  • Date
Executive Summary
A Risk Data Sheet provides additional data for specific risks that can’t be managed simply using the Risk Register. Explain why this requires data sheet and how the data sheet will be used to manage the risk in particular the progress of the risk responses

For example:
‘Risk 254 relates to the production and delivery of the glass sliding windows, which are being custom made by a specialist supplier in Germany. The primary risk is that the customizations will be more complicated than expected and cause a delay in delivery of the windows. This will then have knock on impact on the whole project.

There are several responses that can be considered each with different impacts. There is also the possibility of accepting the risk which will require a contingency plan. Because of these complications this risk will be tracked via a data sheet, monitored by the project board via their monthly meetings and response options will be investigated as a separate work stream/work package led by the architect and construction manager.’
Risk ID
A unique identifier for each risk. For example, a number or combination of letters and numbers linking the risk back to the project or Work Breakdown Structure (WBS).
Risk Description
Describe what the risk is. It helps to use this format ‘if x happens then it will cause y’

For example, 'If the customizations for the glass sliding windows are more complicated than expected it will cause a delay in the delivery of the windows.''
To get started see the Top 20 Project Risks!
How likely is this to happen?

Risk likelihood is usually rated on a scale, for example, 1 to 10 or high, medium, low.
What will the impact be if the risk occurs?

Rate this on the same scale as the risk probability. Some projects will only require one indicator of impact, for others you may want to look at the impact on Scope, Quality, Schedule and Cost separately.
Total of numeric scores multiplied or a combination of High, Medium, or Low.
Responses (mitigating actions)
Describe how you will reduce the probability and/or impact of the risk occurring.
The owner of the actions.
Revised Probability and Impact
Once the risk responses have been completed re-assess the risk probability and impact.
Secondary Risks
Sometimes what you do to mitigate a risk causes another. For example, making a change to a supply route might increase the risk of delay.
Residual Risks
Residual risk is the risk that remains after mitigating have been taken.
Explain what you will do if the risk does occur. Contingency Plans are developed for Risks that have been accepted.
Contingency Time
The time that will be needed to implement the contingency plan.
Contingency Funds
The funds that are set aside to implement the contingency plan.
Fallback Plan
Describe what you will do if the contingency plan doesn’t work out

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