How to guide
Introduction
A Programme Risk Log is an essential tool in programme management, used to identify, assess, record, and track potential risks that could impact the successful delivery of a programme. By maintaining a thorough and up-to-date risk log, programme managers can proactively manage and mitigate risks, ensuring the programme stays on track and achieves its objectives.
Purpose
The primary purpose of a Programme Risk Log is to provide a structured approach to risk management, allowing teams to systematically capture and analyse risks. This enables better decision-making, enhances transparency, and ensures that all stakeholders are aware of potential challenges and the measures being taken to address them.
Key Components
- Risk ID: A unique identifier for each action item to ensure easy tracking and reference.
- Created: The timestamp of when the action was first created.
- Category: Risk category to allow filtering on action types or meetings.
- Risk Description: A detailed explanation of the risk, providing enough context to understand its importance and relevance.
- Impact Description: A description of the potetnial impact of the risk on the programme.
- Update: An update on the progress of the action or additional notes or comments related to the risk, such as updates on progress, challenges encountered, or any other relevant information.
- Mitigation Plan: Actions and strategies to reduce the likelihood or impact of the risk.
- Likelihood: An assessment of the probability that the risk will occur (e.g., Low, Medium, High).
- Impact: An evaluation of the potential consequences if the risk materializes (e.g., Low, Medium, High).
- Score: Mathmatical evaluation of the risk eg Likelihood x Impact.
- Risk: Evaluation of the risk based on a matrix of Likelihood and Impact.
- Owner: The individual or team responsible for carrying out the action. This ensures clear ownership and accountability.
- Due Date: The deadline by which the action must be completed. This helps in prioritising tasks and managing timelines effectively. Due dates should be contracted with the owner and should not be changed.
- Priority: Identification of actions that are high priority or need to be escalated through other governance forums.
- Days: The days until the target date for the action closure.
- Report: A flag to determine if the risk should be included in reporting.
- Closed: A timestamp when the action is closed.
Benefits
- Proactive Risk Management: Enables early identification and mitigation of risks, reducing the likelihood of surprises and disruptions.
- Improved Decision-Making: Provides a clear understanding of potential risks, helping managers make informed decisions.
- Enhanced Communication: Facilitates communication among team members and stakeholders by providing a centralized record of risks and their statuses.
- Increased Accountability: Assigns responsibility for managing risks, ensuring that they are actively monitored and addressed.
By using a Programme Risk Log, programme managers can effectively navigate uncertainties and challenges, ultimately leading to a higher probability of programme success.
Projectoolkit | Risk Log
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