How to use the risk register template
- Choose the rating scale, 1 to 5 or 1 to 3, where 1 is the lowest.
- List each risk with a likelihood, an impact, an owner and a mitigation.
- Optionally tick order by score and enter a score at or above which rows are marked Review.
- Add blank rows for risks you will add by hand, then print the landscape register.
Formula
Score = likelihood x impact
The highest possible score is the scale squared: 25 on a 1 to 5 scale and 9 on a 1 to 3 scale
Likelihood and impact are your own ratings. The tool multiplies them and applies your cutoff.
A likelihood of 4 and an impact of 3
A risk rated 4 for likelihood and 3 for impact scores 4 x 3 = 12 out of 25. Staff leaving rated 2 and 4 scores 8, cost overruns rated 3 and 3 score 9, and growing requirements rated 4 and 2 score 8.
Sorted by score, the order is 12, 9, 8, 8, with the two tied rows kept in the order you entered them. With a cutoff of 9, the rows scoring 12 and 9 are marked Review.
Scoring risks
Likelihood is how probable you think a risk is and impact is how much it would hurt if it happened. Multiplying the two gives one number that helps you compare risks and decide where to spend attention. The ratings are judgments, so two people may rate the same risk differently, and it is worth discussing the difference.
The cutoff for Review is your own number. The tool marks the rows at or above it and does not claim any score is high or low in absolute terms.
Using the register
Give every risk an owner and a mitigation, which is what you will do to reduce it. Review the register regularly, since ratings change as the project moves on. Blank rows let you add risks by hand between prints.
Report the top risks in your project status report. The three point estimate calculator handles uncertainty in time or cost estimates, the RACI matrix template assigns who is accountable, and the project planner template lays out tasks and dates.
Assumptions and limits
- Likelihood and impact are whole numbers on the same scale, 1 to 5 or 1 to 3.
- The score is likelihood times impact.
- The Review cutoff is your own number and is optional.
- Costs, dates and probabilities in percent are not modeled.
Frequently asked questions
How do you calculate a risk score?
Multiply likelihood by impact. A likelihood of 4 and an impact of 3 give a score of 12.
What scale should I use?
Choose 1 to 5 for more detail or 1 to 3 for a simple view. Use the same scale for likelihood and impact.
What does the Review mark mean?
Rows with a score at or above the number you enter are marked Review. The cutoff is yours and the tool does not set it.
Can I sort the register?
Yes. Tick order by score to list the highest scores first. Ties keep the order you entered.