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Risk Management Checklist

Risk is a potential probability of suffering loss. In project development / implementation, the loss assumes the
impact to the project which could be in the form of reduced quality, extra costs, time shifting, procrastination,
or even failure.

Risk Management is a complex of methods and controlling measures aimed to prevent risks and reduce their
negative consequences over the project. Use a Risk Management Checklist to find out what type of risks
you should manage and, therefore, to eliminate or minimize risk outcomes.

Following list is indicative, suggesting a general approach and should be used as a guide taking into account
organization’s special market positions and needs.

 1. Evaluating Resource Risks

1.1 Organization

 Check if project resources are sufficient (management, field engineers, testers, QA, and other
engaged parties)

 Estimate the project scope and find out the size of the project within your organization

 Check if there is a well-determined process for implementation, engineering and company

management

1.2 Financing

 Check if the funding is adequate and sufficient to complete project

 Allocate funding for training and mentoring

 Check budget limitations that can deliver the project at a fixed cost or be subject to cancellation

 Assess project costs accurately

1.3 People

 Ensure there are enough employees available in the project

 Check if these employees have appropriate skills and experience

 Check if employees worked together before

 Estimate employees' belief in project succeeding and take measure to strengthen it

 Check participation of customer and user representatives for product reviews

 Check participation of crucial experts in the project

1.4 Time

 Check if project schedule is realistic

 Check the functionality to be scope-managed to meet project schedules

 Estimate how the delivery date is critical

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2. Evaluating Business Risks

 Estimate potential consequences if a third party can affect customer’s view on our
project/organization

 Evaluate jeopardy of project funding

 Find ways to ensure sufficient project funding

 Compare projected value of the project with the projected cost

 Take into account the time-value of money and the cost of capital

 Estimate impossibility to contact with key suppliers

3. Evaluating Technical Risks

3.1 Scope risks

 Try to measure success

 Make documentation on how to measure success

 Assure requirements properly designed and well understood by staff

 Check if the project scope is stable or it keeps expanding

 Check if the project development time scales are short and unalterable

3. 2 Technological risks

 Assure the technology has been proven

 Check if transaction rate estimates are credible and optimistic

 Check if there are challenging technical requirements which the project team is unfamiliar with

 Estimate how the project success depends on new, untried or unproven technologies, hardware,
software, or techniques

 Check external dependencies to other projects - systems including those outside the organization

 Find out if users have experience and skills to work with the system/products they use

 Evaluate the complexity risks of the system or the innovation risks of the technology

 Find out requirements for localization and national language support

3.3 External dependency risk

 Check if the project depends on parallel project development

 Check how the project success depends on externally-developed sub-projects / other related
components

 Check how integration of development tools (design tools, compilers, etc.) and implementation
technologies (OS, databases, communication mechanisms, etc.) have an impact to the project
success

 Check weather the project has a back-up plan for completing it without mentioned technologies

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