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A Risk Data Sheet provides additional data for specific risks that can’t be managed simply using the Risk Register. Explain why this requires data sheet and how the data sheet will be used to manage the risk in particular the progress of the risk responses

For example:
‘Risk 254 relates to the production and delivery of the glass sliding windows, which are being custom made by a specialist supplier in Germany. The primary risk is that the customizations will be more complicated than expected and cause a delay in delivery of the windows. This will then have knock on impact on the whole project.

There are several responses that can be considered each with different impacts. There is also the possibility of accepting the risk which will require a contingency plan. Because of these complications this risk will be tracked via a data sheet, monitored by the project board via their monthly meetings and response options will be investigated as a separate work stream/work package led by the architect and construction manager.’

A unique identifier for each risk. For example, a number or combination of letters and numbers linking the risk back to the project or Work Breakdown Structure (WBS).

Describe what the risk is. It helps to use this format ‘if x happens then it will cause y’

For example, 'If the customizations for the glass sliding windows are more complicated than expected it will cause a delay in the delivery of the windows.''

How likely is this to happen?

Risk likelihood is usually rated on a scale, for example, 1 to 10 or high, medium, low.

What will the impact be if the risk occurs?

Rate this on the same scale as the risk probability. Some projects will only require one indicator of impact, for others you may want to look at the impact on Scope, Quality, Schedule and Cost separately.

Total of numeric scores multiplied or a combination of High, Medium, or Low.

Describe how you will reduce the probability and/or impact of the risk occurring.

The owner of the actions.

Once the risk responses have been completed re-assess the risk probability and impact.

Sometimes what you do to mitigate a risk causes another. For example, making a change to a supply route might increase the risk of delay.

Residual risk is the risk that remains after mitigating have been taken.

Explain what you will do if the risk does occur. Contingency Plans are developed for Risks that have been accepted.

The time that will be needed to implement the contingency plan.

The funds that are set aside to implement the contingency plan.

Describe what you will do if the contingency plan doesn’t work out