ICT Standards and Guidelines
Segment 206
Risk Management
Risk Event Forms (Long/Short)
(Version 1.0)
Prepared by
Document Information
Document Name:
Configuration Management Project – Main Document
Segment:
207
Author:
Akram Najjar
Status:
Under final revision
Revision History
Author
Description of change
Date
Version
Akram Najjar
Restructured/Renumbered
2 April 2003
1.0
Table of Contents – Risk Management
1.0
2.0
The Long Risk Event Form ........................................................................ 1
Risk Event Description ................................................................................. 1
Risk Event Analysis ..................................................................................... 1
Top Ten Analysis ......................................................................................... 2
Other Information ....................................................................................... 2
Risk Response Management (Multiple Records) ............................................... 2
The Short Risk Event Form ....................................................................... 6
Risk Event Analysis ..................................................................................... 6
Risk Response Plans (Multiple Items per Event) .............................................. 6
1.0
The Long Risk Event Form
The form on the following two pages contains the data elements need for the proper
definition of risky events. The items on the form are numbered according to the following
list:
1.
Project Number / Name OR Operations Unit
Enter the Number of the Project if preparing Risk Analysis for a particular Project
or the Name of the Unit or Division if you are preparing ongoing Risk Analysis.
Risk Event Description
2.
Risk Event ID: Enter any numbering scheme you wish to use to identify the
Event. (Optional).
3.
Risk Event: Describe the event or situation that may cause damage to your
project. Try to identify the causes of the risk.
4.
Date of Preparation: Enter the date or period during which the Risk Analysis is
taking place.
5.
Prepared by: Name of person who prepared the risk event form.
6.
Status: Indicate the status of the Risky Event: under analysis, response
planning, monitor, responded to, retired.
7.
Risk Event Trigger: Describe the earliest trigger or indicator that might indicate
that the event is turning into a problem.
8.
Risk Consequence or Effect: Describe what would happen in case the event
takes place.
9.
Risk Impact Classification: Describe the type of impact: financial, schedule
based, loss of market share, dissatisfaction, customer dissatisfaction, employee
demotivation, etc.
10.
Time of Event: Enter your estimate of when the event might take place.
11.
Which Phase Affected: Indicate the phase of the project that the risk may
occur in such as planning, testing, QA, etc.
12.
WBS Code: If the project has a Work Breakdown Structure, then indicate here
the work unit or activity or task code as per the WBS chart.
Risk Event Analysis
13.
Risk or Probability: Estimate the probability of such a risk taking place as a
percentage.
Risk Event Forms
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14.
Risk impact: Estimate the impact on a suitable scale. Usually, this is a 10 point
scale but can be any other or even a percentage. The important thing is that it
should be consistent throughout the risk analysis.
15.
Risk Exposure: Multiply the risk probability by the impact to get the exposure.
(Item 13 by item 14).
16.
Cost Value of the Impact: Assess the damage in terms of the impact on cost.
17.
Time Value of the Impact: Assess the damage in terms of schedule delays.
(Use a consistent unit such as days, weeks, months throughout the analysis).
18.
Risk Exposure in Value Terms: Multiply the dollar value of the impact by the
probability (Item 13 by Item 16).
19.
Risk Exposure in Time Terms: Multiply the time value of the impact by the
probability (Item 13 by Item 17)
Top Ten Analysis
20.
Rank: Enter the rank of this event after all events are analyzed and their
exposure computed. The rank is 1 for the event with the highest exposure. (Do
not use the Value or Time Exposure for sorting).
21.
Rank in Previous Period: Enter the rank of the event during the previous
period.
22.
Number of Periods in the Risk Analysis Table: Enter the number of time
units that the event stayed in this Risk Analysis Table. This is significant.
Other Information
23.
Remarks: State here any provisos, cross reference to other risks and other
comments you may have to further clarify the above.
Risk Response Management (Multiple Records)
24.
Type of Risk Response: Identifying the type of response that you intend for this
risk determines how you should respond to the risk:
Risk Avoidance
Risk Mitigation
Active Acceptance – Contingency Plan
Passive Acceptance – Leave as is
25.
Action to be Taken: Enter the description of the action to be taken for the
particular type of response indicated earlier.
26.
Action Assigned To: This is the person the risk response action is assigned to.
Risk Event Forms
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27.
Date Action Starts: This is the date when the action or the response is expected
to take place. For example, suppose the response would be to rent a server in
case the ordered server is delayed; this would be the date when renting
procedures will start.
28.
Date of Action Complete: Estimate the date when the action is completed.
29.
Cost of Response: An estimate of how much the response will cost.
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Long Risk Event Form (Page 1)
Project or Operation Number
Risk Event Description
2 Risk Event ID
3 Risk Event
4 Date of Preparation
5 Prepared By
6 Status
Under Analysis
Response Planning
Being Monitored
Responded to
Retired
7 Risk Event Trigger
8 Risk Consequence
9 Risk Impact Classification
10 Time of Event
11 Which Phase is affected?
12 WBS Code
Risk Event Analysis
13 Risk (Probability)
14 Risk Impact
15 Risk Exposure 13 x 14
16 Cost Value of Impact
17 Time Value of Impact
18 Exposure in Value Terms 13 x 16
19 Exposure in Time Terms 13 x 17
Top Ten Analysis
20 Rank This Period
21 Rank in Previous Period
22 Number of Periods in Top Ten
Other Information
23 Remarks
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Long Risk Event Form (Page 2)
Project or Operation Number
Risk Response Management (Multiple responses)
24
Type of Response
Risk Event Forms
25
Action to be taken
26
27
Assigned to
Page 5
28
29
Date Start
Date of
Cost of
of Action
Completion
Response
2.0 The Short Risk Event Form
1.
Risk event: describe the event or situation that may cause damage to
your project. Try to identify the causes of the risk.
2.
Risk consequence or effect: describe what would happen in case the
event takes place.
3.
Risk impact classification: describe the type of impact: financial,
schedule based, loss of market share, dissatisfaction, customer
dissatisfaction, employee demotivation, etc.
Risk Event Analysis
4.
Risk or probability: estimate the probability of such a risk taking place
as a percentage.
5.
Risk impact: estimate the impact on a suitable scale. Usually, this is a 5
point scale but can be any other or even a percentage. The important
thing is that it should be consistent throughout the risk analysis.
6.
Cost Value of impact: assess the damage in terms of the impact on cost
in dollar value or time.
7.
Time Value of impact: assess the damage in terms of the time.
8.
Risk exposure: multiply the risk probability by the impact to get the
exposure. (Item 3 by item 5).
9.
Risk exposure in value terms: multiply the value of the impact by the
probability (Item 3 by Item 6)
10.
Risk exposure in time terms: multiply the time of the impact by the
probability (Item 3 by Item 7)
11.
Remarks: state here any provisos, cross reference to other risks and
other comments you may have to further clarify the above.
Risk Response Plans (Multiple Items per Event)
12.
Actions to be taken: describe how you should respond to the risk. Here,
you have two ways:
First approach: Reduce the likelihood or probability of the event taking
place
Second approach: reduce the impact if it does take place.
Note: in some cases, you will not be able to reduce the probability or you
will not be able to lessen the impact.
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Short Risk Event Form
Project or Operation Number
Risk Event Description
1
Risk Event
2
Risk Consequence or Effect
3
Risk Impact Classification
Risk Event Analysis
4
Risk (Probability)
5
Risk Impact
6
Cost Value of Impact
7
Time Value of Impact
8
Risk Exposure 4 x 5
9
Exposure in Value Terms 4 x 6
10
Exposure in Time Terms 4 x 7
Other Information
11
Remarks
Risk Response Planning
12
Action to be taken
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