This register is designed for smaller businesses or projects. It is quick and easy to get started with just a few fields to complete. It is based on a template that the Australian government have produced to support business owners. This version uses Excel as it is more versatile and easier to customize. The drop down menus for selecting risk impact and likelihood can be changed on the Dropdown tab.
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
What is the risk? What could this risk result in?
For example, the prolonged use of computer screens could result in headaches, eye strain, blurred vision and neck and back pain.
Risk likelihood is usually rated on a scale, for example, 1 to 4 or high, medium, low.
Severity of the risk
What is the severity of the risk? Would it cause a lot of damage?
Rate this on the same scale as the risk likelihood. The free template uses a 1 to 4 scale, which you can change in the 'dropdowns' tab.
Risk level
This number indicates the level of risk. Likelihood number x severity number = risk level. The result can be plotted on a risk matrix to like this example:
You can use the matrix to:
compare risks
illustrate the seriousness of a risk
decide on the appropriate level of effort to manage the risk
decide how much you are prepared to spend on treating the risk. That is, how much you will spend to reduce the likelihood of the risk occurring or reduce the severity of the consequences.
Planning and control
What will you do to prevent or minimise the risk? What actions will you take?
