An example risk assessment in project management

So what does a risk assessment for project management actually involve?

The example risk assessment below is a proven and reliable framework for summarising an individual project risk. The example below describes the risk of new contractors being untrained and unsafe to work.

You'll notice that the risk assessment doesn't simply involve stating the risk and moving on. There are key sections for describing the impact that this risk could have on the project, as well as the related function.

The meat of the risk assessment and critically important part of performing this activity lies in properly assessing that individual risk.

This is done by assessing the risk on two dimensions:

• The likelihood of the risk eventuating
• The seriousness of the risk if it does occur

When combined, these assessments form the overall risk assessment which provides a grade for the risk. This grade, when compared to other risks on the projects, enables companies to best prioritise their resources and risk mitigation efforts.

The final piece of the puzzle is that there is a mitigation or preventative action which is taken to minimise the chance of risks turning into issues.

Your individual risk assessments should describe what mitigation actions will be implemented, as well as identify the person who is responsible for this action. This makes your risk assessments actionable, and ensures there is some accountability involved in how the action pans out during project management.

It's also helpful to identify when this risk was last identified on a project, and how the score compares to the last review. Has the risk associated with a specific safety issue been reduced due to improved processes and procedures, or is it higher now that you have less safety personnel on site. This is all important information for your business and for your risk assessment for project management.