Project – Risk Assessment
- amani imtiyas
- Paul Angelo (Unlicensed)
See how to configure this object under Project Workflows under this admin guide: Configuring Risk Assessment.
1. Overview |
The Risk Assessment object provides functionality to assess and manage the risks associated with a particular project. It also provides the full project risk management capability.
2. Add a New Risk |
Step 1: Enter the risk title and select the correct responsible officer. Then click on the Add button at the footer.
Field | Description | Mandatory/Optional |
|---|---|---|
Title | Define the name/title of the risk assessment. | Mandatory |
Responsible Officer | Select the name of the risk assessor from the dropdown list. | Mandatory |
Step 2: Once added, the new risk will be displayed in the grid.
Step 3: The Risk Titles are hyperlinked. Click on the Risk Title to navigate to the risk detail page.
The configurations will be maintained within Framework> Project Settings> Risk Assessment.
A risk can be assessed in three phases. They are Initial Risk Assessment, Current Risk Assessment and Future Risk Assessment.
Click on the save icon once you complete entering the details.
Specify the following details in Current Risk Assessment section:
Field | Description | Mandatory/Optional |
|---|---|---|
Management Controls | Specify any management controls. | Optional |
Risk Criteria: |
|
|
Effectiveness of Controls | Select the correct effectiveness from the dropdown. | Mandatory |
Consequence (C) | The level of risk impact on the project. | Mandatory |
Likelihood (L) | The likelihood of the risk occurring. | Mandatory |
Risk Treatment | Select the correct risk treatment option. | Optional |
Risk/Mitigating Action | Add risk/mitigating actions. You can add multiple solutions for a particular risk. | Optional |
*Risk Rating will be based on calculations defined by your administrator.
3. Risk Treatment Actions |
3.1 Colour Codes of Performance Indicators
The performance of a risk action will be denoted by either one of the four colour coded performance categories, ‘On Track’, ‘Off Track’, ‘Monitor’, and ‘Not Applicable’.
On Track (green) – Indicates that the completion % of the risk action is on track.
Monitor (amber) – Indicates that the completion % of the risk action requires close monitoring to get the risk action back on track.
Off Track (red) – Indicates that the completion % of the action is off track.
N/A (grey) – Indicates that the performance of the action cannot be calculated.
3.2 Performance Calculation
When the action's status is ‘Completed’, the performance would always be set to ‘On Track’.
When the action's status is either ‘Deferred’ or ‘Ongoing’, the performance would always be set to ‘N/A’.
When an action has the status ‘Not Started’ or ‘In Progress’, the performance will be calculated as below:
Performance = (Actual Percent Complete/Target Percent Complete) * 100.
Notes:
Actual Percent Complete = The completion % value of the risk action.
Target Percent Complete = Target will be calculated considering the start and end dates with linear progression, whereby, performance would be 0% on the start day, and 100% on the end day.
Target = [(Current System Date - Action Start Date) / (Action End Date - Action Start Date)] * 100%
Example: If the duration of the action is two months, at the end of the first month, the performance target will be calculated to be 50%.
3.3 Performance Thresholds
The performance thresholds will have the following default values.
On Track: >= 90
Off Track: < 70
Monitor: Less than 90 and greater than or equal to 70
You can change the threshold values under the Progress Calculation page, accessed under, Framework > Project Settings > Progress Calculation.
Once you enter relevant details, click Save. You can tract any modifications by clicking on the History 'h' icon.
4. Future Risk Assessment Tab |
The future risk assessment functionality enables you to record project risk rating. If it is a part of your organisation's risk assessment process, you may utilise this section to calculate a future risk rating similar to initial and current risk ratings. Then you can add them to your business/strategic plan.
5. Risk Review Tab |
You can complete a Risk Review within this section.
Specify the details and click on Save button.
6. Documents Tab |
Upload documents and add hyperlinks within this section.
7. Links Tab |
Add any related links. For example: KPIs.
You can filter active and inactive risks within the Risk Assessment object, by using the toggle available in the top toolbar. Inactive risks are hidden by default.
8. Exporting Details |
You can export the information in the object directly on to a PDF, Microsoft Word or Microsoft Excel file. by clicking on the export icon on the top toolbar.
When the export icon is clicked, a preview of information within the respective object will appear on a new browser tab.
Click on the export drop down menu icon and select the preferred export format from the menu to download the file in the selected format.
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