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Risk log example

I want to know what a risk log looks like. Can somebody please give me an example?

I want an example because I don't fully understand what a risk log is. Is it part of the risk management plan  (that is created in the planning phase)  listing all the possible project risks or is it a document that lists all the risks that materialized during the project and that is constantly updated throughout the project to reflect the status of these risks?
asked 8 years ago by anonymous

1 Answer

The risk log is the same as the risk register, and it is part of the risk management plan. The risk log contains a list of all the risks on the project, their impact, their probability, their proximity, etc...

The risk log is typically an Excel sheet, containing the following columns:

- Risk Id: The id of the risk
- Name: The name of the risk
- Description: A short description of the risk
- Owner: Who owns the risk (see here: http://www.projectmanagementquestions.com/3309/who-should-own-the-risks-on-a-project )
- Likelihood: The probability that the risk will happen (a number ranging from 0 to 1)
- Impact: The impact of the risk on the project (a number ranging from 0 to 1)
- Strength/Score: The strength of the risk. The strength = (L + I) - (L x I). The strength also ranges from 0 to 1.
- The risk proximity: See http://www.projectmanagementquestions.com/2281/what-is-risk-proximity
- The risk cost: The cost of the risk should the risk actually materialize
- Assigned to: Who is the risk assigned to
- Potential actions: What are the potential actions that will be taken if the risk materializes
- Action taken: What was the action taken to manage the risk when it materialized
- Secondary risks: What are the secondary risks associated with this risk
- Assigned to: Who is the risk assigned to
- Status: The current status of the risk, can be "Pending" (pending means not happened yet), "Open", "Assigned", "Closed"
- Materialized on: When did the risk materialize
- Closed date: When was the risk closed
- Last update date: When was the risk last worked on

Here's an example row in the risk log:

- 5 (note that the first risk in the risk log has an ID of 1)
- Best programmer quitting (the name of the risk, usually it's 2-3 words defining the risk)
- The best programmer on the team may quit because he expressed several times that he is not happy. (explanation of the risk)
- Project Manager (the PM owns the risk)
- 0.3 (there's a 30% chance that the programmer quits)
- 0.9 (huge impact on the project)
- 0.93 (the risk score is 0.3 + 0.9 - (0.3 x 0.9) - the risk score is very high)
- 7 (again, see the answer on risk proximity to see how it's calculated)
- $20,000 (need to hire and train another programmer for 1 month, and need to pay a penalty for the delay in the project)
- Hire another programmer, re-baseline the project (these are the options that we have should the risk materialize)
- Hire another programmer (this is the chosen action)
- Project becoming over-budget, new resource unable to learn the system (these are the secondary risks)
- John Smith (the risk is assigned to this resource)
- Assigned (someone is currently working on this risk)
- 06/09/2011 (materialized on June 9th, 2011)
- N/A (not yet closed)
- 06/17/2011 (last worked on June 17th, 2011)

The risk log should be updated as the project progresses and as risks materialize.
answered 8 years ago by MaplePM (46,940 points)
How to calculate the risk impact?
asked 7 years ago by anonymous

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