What's the best way to document and communicate identified risks? (2024)

A risk register is a simple yet powerful tool for documenting identified risks in a structured and consistent way. It typically contains information such as the risk description, category, probability, impact, priority, response strategy, owner, status, and triggers. A risk register can be created using a spreadsheet, a database, or a specialized software. The main benefits of using a risk register are that it provides a clear overview of the risk profile, facilitates prioritization and allocation of resources, and enables tracking and reporting of risk performance.

A risk matrix is a visual tool for communicating the level of risk associated with each identified risk. It plots the probability and impact of each risk on a two-dimensional grid, using different colors or symbols to indicate the risk rating. A risk matrix can help you communicate the urgency and importance of risk responses, as well as identify the areas of highest exposure and opportunity. A risk matrix can be created using a charting tool, a presentation software, or a specialized software.

A risk report is a written document that summarizes the key findings and recommendations from the risk identification process. It usually includes an executive summary, a risk overview, a risk analysis, a risk response plan, and a risk monitoring and control plan. A risk report can help you communicate the scope, objectives, methods, results, and implications of the risk identification process to stakeholders, sponsors, and decision-makers. A risk report can be created using a word processor, a template, or a specialized software.

A risk dashboard is an interactive tool for communicating the current status and trends of the risks affecting the project or business. It displays the most relevant and updated information from the risk register, the risk matrix, and the risk report in a graphical and user-friendly way. A risk dashboard can help you communicate the progress and performance of the risk management process, as well as alert and inform stakeholders of any changes or issues. A risk dashboard can be created using a web-based tool, a dashboard software, or a specialized software.

A risk workshop is a collaborative tool for communicating and validating the identified risks with the relevant stakeholders. It involves inviting the participants to review, discuss, and refine the risk documentation and communication tools, as well as to provide feedback and suggestions. A risk workshop can help you communicate and align the expectations and perspectives of the stakeholders, as well as to identify and resolve any gaps or conflicts. A risk workshop can be conducted using a meeting room, a video conference, or a collaborative software.

A risk culture is an intangible tool for communicating and reinforcing the importance and value of risk management in the project or business. It involves creating and maintaining a positive and proactive attitude towards risk identification and management among the stakeholders, as well as fostering a culture of learning and improvement. A risk culture can help you communicate and embed the risk management principles and practices in the daily operations and behaviors of the stakeholders, as well as to encourage and reward risk awareness and innovation. A risk culture can be developed using various methods, such as training, coaching, recognition, feedback, and storytelling.

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

Risk Management

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