The Project123 Risk Management Action Workflow contains the necessary tools to identify, quantify, track and mitigate risks within a project.
Each project risk management action will help you prevent risks from occurring; as well as reduce their impact on the project should they eventuate. They will also enable you to monitor and control the overall level of risk throughout the project
Simply complete the standard risk management form and submit to follow an industry standard workflow until the risk is mitigated and resolved.
All the people that need to be notified of the risk are notified .... nothing gets lost.
The Project123 Risk form
Risk Impact, Probability and Categorisation is available within Project123
- First select the probability or likelihood that you feel the risk will occur.
- Select the impact you feel is appropriate for the risk.
- Select the category you feel the risk falls into and will affect if it occurs.
By selecting an impact, probability and category you are giving the risk an overall score. This score will be used for reporting and escalating purposes.
The overall score you assign to the risk gives the risk it’s priority rating, e.g. selecting Almost certain and Catastrophic gives the risk a priority of High. This is outlined in the matrix below, where
H= High, S=Significant, M=Medium and L=Low.
The following workflow diagram is an example of the Risk Management process that is standard within Project123.
