Download free excel template for Risk Register of Project Risk Management. This template is useful for enterprise risk managers, internal auditors, auditors, audit managers, audit team leaders and business leaders. This is a free to download and easy to use template.
Project risk management is a very crucial topic when it comes to overall project management. During initiation (even before that) and during execution, risk management is always a factor to be considered by the project manager to get the project completed in timely manner.
Depending upon the nature, size and duration of the project – risk management approach also varies. What will this template do for you is – help you organize the identification of risk, assessment and risk response planning processes.
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About Project Risk Register Excel Template
If we talk about project risk management with respect to the standard process, it involves identification, assessment and implementation of risk response plan for risks and threats associated with projects. This excel template for risk register has adequate columns and fields to capture all the relevant information that can impact completion of projects.
You can update the following information in this risk register excel template for Project Risk management;
- Risk ID to keep track on the number of risks identified.
- Risk description helps to update the brief summary of the risk so that anyone can understand the underlying risk statement for any business processes and activities.
- Source is useful to identify the primary contributing factors for the risk.
- Impact description captures what will happen if risk is not mitigated or eliminated ?
- Recurance helps to understand if the risk is ongoing or one time. Also, depending upon the geography, industry nature, company size – this will vary for any type of risk.
- Impact Level, Probability Level and Priority Level measures the High to Low parameters of the risk in the internal audits of an organization, also helps to assign probability of occurance and priority of the risk description.
- Control measures that already exist in the process of the corporate or business that can address the risk.
- Owners are risk champions who are responsible for mitigation strategy.
- Target closing date is a date defined by Internal Audit team and management group for closure of risk mitigation.
You can add more fields and columns in this template. This template helps you in getting started.
Project risk identification can happen before starting or accepting a project. With identified risk in place and risk response in place, project managers will know what is to be done if the risk or impact materializes. Furthermore, with changes in internal and external environment, risk might emerge out of the blue. Hence, it is advisable to have a periodic discussion on likelihood of existing risk and emerging new risks. This will help in efficient and proactive risk management of projects.
Examples of risks in projects
Below are some of the examples with respect to project risks. These are just the risk statements. Contributing factors and risk response plan (including assessment of risk) might differ as per the project nature, size and duration.
- Scope Creep: Uncontrolled changes in project requirements that can lead to budget and schedule overruns.
- Budget Overruns: Exceeding the allocated budget due to unexpected expenses.
- Resource Constraints: Lack of necessary resources causing delays and quality issues.
- Schedule Delays: Unforeseen factors causing the project to fall behind schedule.
- Stakeholder Changes: Changes in key stakeholders impacting project direction and support.
- Technical Challenges: Difficulties in implementing complex technologies leading to delays.
- Quality Issues: Failure to meet quality standards resulting in rework and dissatisfaction.
- Communication Breakdown: Poor communication causing misunderstandings and conflicts.
- Regulatory Compliance: Changes in regulations leading to legal issues and fines.
There can be other risks as well. Above is the basic list of possible risk statements for majority of the projects.
Download and use Project Risk Register Excel template
To use this free excel Project 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.