Risk Assessment Template
A comprehensive risk assessment template to identify, evaluate, and plan mitigation strategies for business and project risks. Includes a risk matrix, impact scoring, and action plans.
Risk Identification
Catalog all potential risks that could affect your project or business
Project/Business: [Name]
Assessment Date: [Date] · Assessor: [Name]
Risk 1: [e.g., "Key developer leaves mid-project"]
Category: [People] · Source: [Internal]
Risk 2: [e.g., "Vendor API changes without notice"]
Category: [Technical] · Source: [External]
Risk 3: [e.g., "Budget overrun due to scope creep"]
Category: [Financial] · Source: [Internal]
Risk Evaluation Matrix
Score each risk by likelihood and impact to determine priority
Mitigation Plans
Define actions to reduce likelihood or impact of each risk
Risk 1 Mitigation: [e.g., "Cross-train team members, document all critical knowledge, maintain a hiring pipeline"]
Owner: [Name] · Strategy: Reduce · Due: [Date]
Risk 2 Mitigation: [e.g., "Abstract API layer, monitor vendor changelog, maintain fallback integration"]
Owner: [Name] · Strategy: Mitigate · Due: [Date]
Risk 3 Mitigation: [e.g., "Implement scope freeze after planning, require change request approval for additions"]
Owner: [Name] · Strategy: Avoid · Due: [Date]
How to Use This Template
Brainstorm all risks
Gather your team and list every risk you can think of. Use categories like People, Technical, Financial, and External to ensure comprehensive coverage.
Score each risk
Rate likelihood and impact on a 1-5 scale. Multiply them to get a risk score. Focus your attention on risks scoring 12 or above first.
Plan mitigations
For each high-priority risk, define a mitigation strategy: Avoid, Reduce, Transfer, or Accept. Assign an owner and set a deadline.
Review regularly
Risk assessments are living documents. Review them at every project milestone or quarterly for business-level risks. Update scores as conditions change.
Customize in Dewx
Inside Dewx, tell Dew: "Create a risk assessment for the [Project Name] launch." Dew analyzes your project plan, identifies potential risks based on scope and timeline, scores them using historical data, and generates mitigation plans. Risk scores update automatically as project conditions change.
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Frequently Asked Questions
What is a risk assessment matrix?
A risk assessment matrix plots risks on two axes: likelihood (how probable the risk is) and impact (how severe the consequences would be). Each risk gets a score from Low to Critical. This helps teams prioritize which risks to address first and allocate resources accordingly.
How often should risk assessments be updated?
Review your risk assessment at least quarterly or whenever there is a significant change in your business, project scope, or market conditions. For active projects, review risks at every sprint or milestone. Risks are dynamic, and your assessment should be too.
What is the difference between a risk and an issue?
A risk is something that might happen in the future and could affect your project or business. An issue is something that has already happened and needs resolution now. Risk assessments help you prepare for potential problems before they become actual issues.
How does Dewx help with risk management?
Dewx CX Hub includes a risk register that tracks risks across all your projects. Dew analyzes project data to surface potential risks you may have missed, scores them automatically based on historical patterns, and sends alerts when risk indicators change.
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