The Risk Assessment template helps teams identify, categorize, and manage project risks proactively. This format ensures teams don't just react to problems but anticipate and mitigate risks before they impact delivery.
This template is essential for project managers, product teams, and any team working on complex initiatives where risk management is critical to success.
Risk Management Framework
The format organizes risks into five categories:
- High Risk: Critical risks that could significantly impact the project
- Medium Risk: Moderate risks that could cause delays or issues
- Low Risk: Minor risks with limited impact
- Mitigation: Actions to reduce or eliminate risks
- Monitoring: How to track and watch for risks
This structure helps teams prioritize risk management efforts and ensure critical risks have mitigation plans.
How to facilitate
Risk Assessment Best Practices
- Be comprehensive: Consider technical, business, and team risks
- Assess probability and impact: Use a risk matrix to prioritize
- Involve the whole team: Different perspectives reveal different risks
- Update regularly: Risks change as projects progress
- Document mitigation plans: Every high/medium risk needs a plan
Risk Categories
Consider risks across dimensions:
- Technical risks (architecture, dependencies, complexity)
- Business risks (market changes, requirements, stakeholders)
- Team risks (availability, skills, capacity)
- External risks (vendors, regulations, dependencies)
When to use this template
When to Use Risk Assessment
- Project kickoffs: Identify risks before starting
- Major initiatives: Complex projects requiring risk management
- Quarterly planning: Assess risks for upcoming work
- Incident reviews: Learn from past issues to prevent future ones
Example Risks
Common risks include:
- Key team member unavailability
- Third-party API dependencies
- Scope creep or changing requirements
- Technical complexity or unknowns
- Market or competitive changes
