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Step 4 – Complete a risk assessment

A risk is any likely event or situation that can pose a threat to achieving your project deliverables.

Identifying the potential risks allows the team to plan for them and mitigate any impact. It could be related to people, processes, technology or resources.

There are five key steps in completing a risk assessment:

  1. Identify potential hazards
  2. Determine the likelihood of each hazard occurring
  3. Estimate the possible impact to your project if the hazard occurred
  4. Calculate the risk rating
  5. Assign actions and responsibility for managing the risk

DOWNLOAD a risk assessment form here