VP/CIO PROJECT MANAGEMENT
Guideline: Risk Management
Purpose: Risk management is the identification, assessment and
mitigation strategies for negative risks.
Date Last Modified:
May 11, 2011
In Risk Management, you initially need to identify and document potential risks for your project. Once
the risks are identified, an assessment of each risk needs to occur. Once you understand the risks, have
assessed the likelihood of occurrence, and the impact of the risk, you will need to develop risk
mitigation strategies. You may develop your Risk Management document as a Word file, Excel
spreadsheet or any other appropriate tool. Our template is a very simple list of risks, their likelihood of
occurrence, the impact of the risk, and the strategy for mitigation in an Excel spreadsheet.
Risk Management Data Element Description
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Risk Number – a sequential number for each risk identified
Risk Description – a brief description of the potential risk
Likelihood – how likely is this risk to happen – high, medium or low
Impact – list the impact of the risk – high, medium or low
Mitigation Strategy – list how you hope to mitigate the risk