Risks need to be documented in such a way that they can be readily reviewed by third parties and peers. The guidance in this area is to document each quantified risk in a separate template.
The characteristics of a good template are:
● Consistency across all risks.
● Formatted to print out on 8.5" x 11" paper.
● Each template should have the same header and footer, providing information about the project, page number etc.
● Contain sufficient information to understand the risk (this can come from qualitative fields taken from the risk matrix including: risk number, name, description, allocation, etc.).
● Include the underlying base cost on which the risk is calculated.
● Include information on the timing of the risk.
● Contain values for each quantified risk under both the public sector comparator and the Shadow Bid. For those risks that are retained, the calculation of an owner's or project reserve may be appropriate.
● Most importantly, provide an explanation and justification for each risk value.
Document who provided information to complete the template.
As the templates will form part of a risk booklet, a table of contents with a summary of the risk value is extremely useful. Any template or group of templates with these characteristics is acceptable.