Download free excel template for agile risk management for projects. This template is useful for project managers, risk managers, consultants and business leaders. This is a free to download and easy to use template. Since agile project development method is useful for IT and Software development projects, hence this risk register template is useful for IT Projects.
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About Agile Risk Register Excel Template
To begin with, the Agile methodology presents a unique set of challenges, due to its short cycles and self-organizing, cross-functional nature. Agile has its roots in software development and information technology — hence, you can use this template to track risks during the Agile process.
You can update the following information in the risk register during your agile project development process;
- Define the risk class using drop down. You can add more class of risk using the Keys column and data validation feature of Excel.
- Risk description helps to understand the risk statement during Agile Project development process.
- Impact or possible effect helps to understand the level and category of risks.
- Impact level helps in quantification of impact or effect.
- Probability level of risk can be assigned in quantitative manner from 1 to 5 score band.
- Priority Level, that is, product of Impact and Probability is helpful in understanding the level of Risk. You can co-relate this score with Risk Heat Map and set priorities.
- Mitigation strategy is sort of action plan to respond to the risk based on priority level (risk score).
- Action column will have risk response strategy that has been planned based on which mitigation strategy is formulated. This includes, Avoid the risk, Exploit the risk, Transfer or Share the risk, Mitigate the Risk and accept with no action plan.
- Ownership mapping is always helpful to set a culture of risk driven business and project objectives.
- Reassessment date is something that is placed in the risk register to understand the trend of the risk. It is important because with changing internal and external environment that impacts the business or project, the impact and probability of occurance of risk might vary.
Key definitions to understand
Here are some of the key definitions to understand with respect to risk management;
- Risk: The potential for an event or condition to have an adverse impact on objectives, projects, processes, or assets.
- Risk Management: The systematic process of identifying, assessing, prioritizing, mitigating, and monitoring risks to minimize the impact of adverse events and maximize opportunities.
- Risk Assessment: The evaluation of risks by considering their likelihood and potential consequences, resulting in a risk profile that guides decision-making.
- Risk Identification: The process of recognizing and documenting potential risks that could affect an organization’s objectives or projects.
- Risk Analysis: The examination of risks to determine their nature, magnitude, and potential implications, often involving quantitative and qualitative assessments.
- Risk Mitigation: The implementation of strategies and actions to reduce the likelihood or impact of identified risks.
- Risk Response: The planned approach to addressing risks, involving strategies such as avoiding, transferring, mitigating, accepting, or exploiting them.
- Risk Register: A centralized database or document containing details of identified risks, including their descriptions, potential impacts, likelihood, and assigned responsibilities.
Download and use Agile Risk Register Excel template
To use this free excel Risk Register template, you should have Microsoft Office/ Microsoft Excel installed in your system.
Once extracted, you can open the file using Excel and start entering data or customizing the template.