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What are the guidelines for assessing risks for a project? Projects are very dynamic in nature. This suggests that risks should be re-assessed and re-evaluated to update plans and schedules continuously. Risks should be assessed until they are resolved or turn into issues to be handled. Risks should be assessed using a Master risk list which has the following information for assessment:
a. Priority: Determined based on the Risk exposure.
b. Condition: The state of the project that causes the risk to occur.
c. Consequence: The result and the loss caused by the risk.
d. Probability: The likelihood of the risk occurring.
e. Impact: The effect of the risk.
f. Exposure: Product of Probability and impact.
This document then forms the basis of ongoing risk management.
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