risk management template

Our project risk template will show you how to track and analyse risks.

We don’t have to explain the risks linked to the project regarding business decisions.

Using the now introduced dashboard we will utterly simplify tasks.

Project Risk Template – Fundamentals

Let’s take a closer look at the operation of a company and relating risks. In the first column (Issue Description) we can see the factor that if it shows generates risk.

The second column (Department) contains the departments currently operating at the company.

The third column (Risk Impact) marks the risk factor on a scale from 1 to 10, namely the negative effect that will come about in case the risk would occur.

The fourth column is an assistant column, its function is that this has to be identical with the third column, it will help the creation of the dashboard.

Project Risk Template issue 1

In the first analysis with a help of a very spectacular chart we will show how the sum of certain factors (Issue) influence the risk.

We will examine specifically the factors that cause the risk, for the time being we will not examine which department is the cause of it.

Let’s start the above presented macro application and highlight all of the data board along with the headings.

As soon as we are ready with the risk heatmap dashboard, than we would briefly show how to interpret the received results.

Project Risk Template issue

It is visible that the greatest risk concerns the Sales department, but Marketing also has considerable significance. Let’s don’t forget that we are talking about Issue Level Analysis here so one department can play a role several times.

The function of the chart is that we can identify the most crucial factors regardless of department.

All in all it can be said that the greatest risk factor / issue is the “Sales Issue 1”, it is enough to look at the chart and we see its risk impact is 7, the highest in the list.

According to the heatmap the least risky operations are located on the right bottom corner of the square and their color is green.

Department Level Analysis

In the second step we summarized the risk factors of the operations of the departments. On this picture you can see the assistance dashboard made for the heat-map.

Project Risk Template dep

Similarly to the first step the assignment here is to start the macro and highlight all the three columns (along with the heading).

When we are done the heat-map after this will show a totally different picture, despite the fact that we are talking about the same data sheet, with unchanged values!

The risks added up on department levels and we can establish as a result of this the most endangered department is the “Marketing”, after this is “Operations”. Fortunately there is a field where everything is working well and this is “Finance”.

The question is legitimate, why the first and second heatmaps are showing such a different picture?

Let’s take the “Sales” department for example. Is should appear by the first heat-map that “Sales” is the troubled department. If we take a closer look we can see that very much average risk factors related to the “Marketing” department.

The second dashboard sums up these average values and according to these it is obvious that in the operation of the given company the biggest challenge is the “Marketing” field.

Project Risk Template tree

Naturally the here shown analysis is only a possible example. If you are a business analyst or a risk analyst you have to look at the processes inside of the company and make such study.

Are you interested how the risk management template was made?

The Risk Map Creator is a part of Ultimate Dashboard Tools.

Free version of Project Risk Template

In this section we’ll show you how to build excel risk template. We used an exclusive ID to categorize the issue in the tracker. The Description of Issue column should be populated with a description of the issue.

The priority column should be populated with the priority of the issue. Select from categories as defined by the risk management plan. Effective choices include the following: High, Medium and Low.

Project Risk Template con

Instructions for Changing the Contents of Drop-Down Menus:

Highlight the cell of which you wish to change the content of the drop down menu. From the file menu click Data then Validation and you can change the content of the source field.

Conclusion: Matrix Score & Project Risk Template

This is calculated once you select the priority and current status. The matrix use conditional formatting to display color.

The project risk template use risk ranking to determine matrix score. This is a priority (with weighted category) list which is determined by the relative ranking of the risks.

So if you change the actual status of priority the risk score calculated automatically. Use the following link to download free excel risk template!