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Documents  127

3.13 RISK DATA SHEET

A risk data sheet contains information about a specific identified risk. The information is filled in from the
risk register and elaborated with more-­detailed information. Typical information includes

• Risk identifier
• Risk description
• Status
• Risk cause
• Probability
• Impact on each objective
• Risk score
• Response strategies
• Revised probability
• Revised impact
• Revised score
• Responsible party
• Actions
• Secondary risks
• Residual risks
• Contingency plans
• Schedule or cost contingency
• Fallback plans
• Comments

The risk data sheet can receive information from the

• Risk register
• Probability and impact risk assessment

A risk data sheet is started as needed, and is continuously updated and elaborated throughout the life
of the risk.

Tailoring Tips
Consider the following tips to help tailor the risk data sheet to meet your needs:

• Not all projects require risk data sheets. Where they are used, they are considered an extension of
the risk register.
• For projects that use risk data sheets, not all risks require them. A risk data sheet is usually reserved
for complex risks, high risks, or where there is a lot of information surrounding the risk that needs to
be documented.
• You can add or delete any fields you feel necessary.

Alignment
The risk data sheet should be aligned and consistent with the following documents:

• Risk register
• Probability and impact assessment
• Risk report

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 128  Project ­
Documents

Description
You can use the element descriptions in Table 3.13 to assist you in developing the risk data sheet.

TABLE 3.13 Elements of a Risk Data Sheet

Document Element Description

Risk ID Enter a unique risk identifier.
Risk description Provide a detailed description of the risk.
Status Enter the status as open or closed.
Risk cause Describe the circumstances or drivers that are the source of the risk.
Probability Determine the likelihood of the event or condition occurring.
Impact Describe the impact on one or more of the project objectives.
Score If you are using numeric scoring, multiply the probability times the impact to determine the
risk score. If you are using relative scoring, then combine the two scores (e.g., high-­low or
medium-­high).
Reponses Describe the planned response strategy to the risk or condition.
Revised probability Determine the likelihood of the event or condition occurring after the response has been
implemented.
Revised impact Describe the impact once the response has been implemented.
Revised score Enter the revised risk score once the response has been implemented.
Responsible party Identify the person responsible for managing the risk.
Actions Describe any actions that need to be taken to respond to the risk.
Secondary risks Describe new risks that arise out of the response strategies taken to address the risk.
Residual risk Describe the remaining risk after response strategies are developed.
Contingency plan Develop a plan that will be initiated if specific events occur, such as missing an intermedi-
ate milestone. Contingency plans are used when the risk or residual risk is accepted.
Contingency funds Determine the funds needed to protect the budget from overrun.
Contingency time Determine the time needed to protect the schedule from overrun.
Fallback plans Devise a plan to use if other response strategies fail.
Comments Provide any comments or additional helpful information about the risk event or condition.

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 RISK DATA SHEET

Project Title: ________________________________ Date Prepared: ____________________________

Risk ID: Risk Description:

Status: Risk Cause:

Probability Impact Score Responses

Scope Quality Schedule Cost

Revised Revised Impact Revised Responsible Actions

Probability Scope Quality Schedule Cost Score Party

Secondary Risks:

Residual Risk:

Contingency Plan: Contingency Funds:

Contingency Time:

Fallback Plans:

Comments:

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