This template helps identify, assess, and prioritize project risks according to PMI standards. It supports effective risk management through categorization and mapping based on probability and impact.
1. Risk Register
| Risk ID | Risk Description | Category | Probability | Impact | Response Strategy |
|---|---|---|---|---|---|
| R1 | Key team member may leave | Resource | High | High | Mitigate – cross-train team members |
Use this table to document identified risks along with their attributes and initial response strategies.
2. Risk Probability and Impact Matrix
Use this matrix to assess the severity of risks and prioritize response efforts. The intersection of probability and impact helps determine overall risk rating.
| Impact \ Probability | Low | Medium | High |
|---|---|---|---|
| Low | Low | Medium | Medium |
| Medium | Medium | Medium | High |
| High | Medium | High | High |
- Low = Acceptable, monitor periodically
- Medium = Requires mitigation planning
- High = Must be actively managed and tracked
3. Risk Response Planning
Outline appropriate responses to each identified risk. Choose from the following standard PMI strategies:
- Avoid: Eliminate the threat or its impact
- Mitigate: Reduce the probability or impact
- Transfer: Shift the risk to a third party (e.g., insurance, outsourcing)
- Accept: Acknowledge the risk and prepare a contingency plan if necessary
4. Risk Owner Assignment
| Risk ID | Risk Owner | Responsibility |
|---|---|---|
| R1 | Project Manager | Ensure backup staffing plan is executed |
Assign ownership to ensure that each risk is actively monitored and managed throughout the project lifecycle.
