How do most people do their risk management reporting?
We generally see two principal methods of recording and capturing risks: a lot of project teams utilise Excel and spreadsheet-based risk registers which refer to a company specific risk matrix.
Alternatively, we are seeing more organisations move to purpose-built application-based risk management software like Prism Apps, which we believe to be far more intuitive, enables greater collaboration (data sharing), and is less susceptible to error and file corruption.
How do you build a risk register?
- Template and Guidance
If you are struggling to know where to start, use a risk capture template from a similar past project if possible. Guide words are prompts to help capture all relevant threats and opportunities. - Brainstorm with your team
Involve all the relevant disciplines to support the capture of risks relevant to project scale and scope. - TECOP
If you’re unsure how to group the risks, use TECOP which stands for Technical, Economic, Commercial, Operational, and Political. This will help to separate risks into the different areas of impact across the business or project. - Ranking
Risk ranking can be subjective. Complete an initial first pass review of impact and probability using a RAM. - Prioritise
Understanding how each risk can impact on your objective will enable prioritisation. Develop SMART Actions and make sure that actions are timebound so that mitigation can be put in place before the risks are realised. - Review & Update
Re-assess regularly to ensure that the overall risk profile feels right as the project evolves and objectives are achieved.
How much time can be saved using Prism Apps instead of spreadsheets?
One of the biggest advantages of using Prism Apps over traditional Excel-based data collection is the time savings. With Prism Apps, you can run risk sessions or review meetings directly in the system, updating information in real time. Changes are saved automatically, eliminating the need for post-meeting edits or updates. The output is instantly available to everyone who needs it, meaning there’s no extra work after the session ends.