The Risk Log is based on a continuous risk management model. The model consists of five phases, as detailed in Figure 5.
Figure 4 Risk Management Process
| Phase | Tasks |
1 | Identification | Identify potential risk & establish risk categories |
2 | Analysis | • Establish probability & impact definitions • Evaluate impact of risks • Rank Risks - calculate exposure |
3 | Plan | • Select risks to be mitigated • Select mitigation strategies • Insert action and review points in the WBS |
4 | Track | Track report status |
5 | Control | Take corrective actions |
The objectives of this process are to develop consistent methods and tools for the Risk Management process and establish roles and responsibilities of all participants in the process.
Figure 5 - Risk Measurement Tools
| Phase | Tasks |
Impact | Low | Minimal disruption to project progress |
Medium | Moderate disruption to project progress, schedule implications | |
High | Extended disruption to project progress, cost implications | |
Probability | Low | Unlikely to happen |
Medium | May happen | |
High | Likely to happen | |
Risk Exposure | (Score) | Impact * Probability |
Risk Mitigation | Major | Mitigate |
| Moderate | Review |
| Minor | Accept |