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Risk Management Plan
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Identify, assess, and manage every risk before it derails your project.
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To download an Excel file, go to File —> Download —> Microsoft Excel
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What this template doesRisk scoring explained
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Provides a structured process for identifying risks early — before they become problems.Probability: how likely is this risk to occur? High = >70%, Medium = 30–70%, Low = <30%.
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Scores each risk by Probability and Impact to calculate a Risk Score and priority.Impact: if it happens, how badly does it affect the project? High = schedule/budget >10% hit.
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Tracks mitigation actions, owners, and status for every open risk.Risk Score = Probability × Impact (1=Low, 2=Medium, 3=High). Score 6-9 = critical, 3-4 = watch, 1-2 = monitor.
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The Risk Matrix gives a visual heat map so the highest-priority risks are impossible to miss.Focus your mitigation effort on High-High risks first. Low-Low risks just need periodic review.
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How to use itRisk status guide
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1. Risk Register: add every risk you can think of at project kickoff. Brain-dump, then score.Open: risk identified, not yet addressed. All new risks start here.
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2. Assign an Owner to every High or Medium risk — without an owner, nothing gets done.In Progress: mitigation action underway.
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3. Define a Mitigation Action (what you will do to reduce probability or impact) and a Contingency (what you will do if it happens anyway).Monitoring: risk has reduced — watching to confirm it stays low.
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4. Review weekly in standup. Update Status and add notes when a risk changes.Escalated: risk has grown. Needs sponsor or senior stakeholder involvement.
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Accepted: risk acknowledged, no action taken (cost of mitigation > cost of the risk).
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Closed: risk no longer applies — project phase passed, or risk was avoided.
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