Risk Assessment Template

A risk assessment template can used in construction projects plus in the health and safety of workers in industries such as mining, oil and gas, civil engineering and electrical. The reality is that risks are an inevitable part of doing business. The question is not if risks will happen but one of how will an organization manage and respond to risks in a proper manner. This is where the use of a risk assessment template alongside a tool such as a risk assessment matrix is important. These tools (as part of the wider project plan) can be used to evaluate and prioritize risks based on the severity of their impact plus the likelihood of them occurring.

What is Risk Assessment?

In project management, construction and the workplace environment, risk assessment is central to managing the safety, health and welfare of workers successfully.

This usually entails three steps,

Step 1. Identifying the hazards.

Step 2. Assessing the risks in proportion to the hazards identified.

Step 3. Putting in place the control and reporting functions to eliminate or minimize risks.

So, a risk assessment template should list most if not all of the most common hazards identified within the project or working environment plus their associated risks. The template should also list a range of control functions that could be deployed to eliminate such hazards or minimize their risks.

The risk assessment template can be used directly by project manages, project owners, supervisors and health and safety officers.

What Is a Risk Assessment Matrix?

A risk assessment matrix within the risk assessment template for the project is a tool that charts the severity and probability of risk occurring. Most project managers now use risk assessment software to create the matrix, where the risks likelihood and impact are in column while the risks themselves are listed in rows. The ability to instantly visualize current and potential risks using software means that all project stakeholders can assess their impact while identifying which ones are the highest priority. The result is that a plan can be created for responding to the risks that require the most attention in descending order.

Risk Assessment is an Ongoing Process.

Risk assessment is not a one-off event, it is an ongoing process. This entails the continued evaluation of risks, which when reviewed should lead to the development of plans and policies to minimize adverse impacts to the project and business.

Using a risk assessment template whether offline or online should help cover all aspects of project risks. It allows project managers and the project team to effectively carry out risk identification, risk analysis and to conduct risk response planning including:

  • Risk root cause analysis

  • Identification Analysis

  • Exposure assessment

  • Response assessment

  • Checklist analysis

  • SWOT analysis

  • Risk characterization

  • Expected monetary value analysis (EMV)

  • Cost risk analysis

  • Cause and effect data

  • System and process mapping

  • Probability and impact matrix

  • Risk categorization

  • Data gathering and representation techniques

  • Quantitative risk analysis

How to Use a Risk Assessment Template

A risk assessment template will focus on two criteria:

  • The Severity: The impact of any risk and the negative consequences that would follow.

  • The Likelihood: A measure as to the probability of the risk(s) occurring.

Next, the risk would be placed in the risk assessment matrix, then assigned a rating to its severity and likelihood. The risk would then be classified, typical risk classifications used are:

Risk Severity:

  • Insignificant: Risks that bring no real negative consequences, or pose no significant threat to the organization or project.

  • Minor: Risks that have a small potential for negative consequences, but will not significantly impact overall success.

  • Moderate: Risks that could potentially bring negative consequences, posing a moderate threat to the project or organization.

  • Critical: Risks with substantial negative consequences that will seriously impact the success of the organization or project.

  • Catastrophic: Risks with extreme negative consequences that could cause the entire project to fail or severely impact daily operations of the organization. These are the highest-priority risks to address.

Risk Likelihood:

  • Unlikely: Extremely rare risks, with almost no probability of occurring.

  • Seldom: Risks that are relatively uncommon, but have a small chance of manifesting.

  • Occasional: Risks that are more typical, with about a 50/50 chance of taking place.

  • Likely: Risks that are highly likely to occur.

  • Definite: Risks that are almost certain to manifest. Address these risks first.

Your risk assessment template should be a blueprint for managing and co-coordinating safety and health during construction. The RaptorPM risk assessment solutions includes a free risk assessment tool including registers, templates and method statements. It will save you time and money, help identify measures to protect the business and the workers while reducing the chances of accidents.

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