What are the best ways to ensure your risk reports are understandable?

3 Tailor your report to your audience

A third way to make your risk reports understandable is to tailor your report to your audience and their needs. Different stakeholders may have different expectations, interests, and preferences when it comes to risk reporting. For example, your team members may want to know the specific actions and responsibilities for each risk, while your clients may want to know the overall impact and mitigation of the risks on the project scope, budget, and timeline. Therefore, you should consider who will read your report, what they need to know, and how they prefer to receive the information. You can also use different levels of detail, frequency, and format for different audiences.

4 Provide context and evidence

A fourth way to make your risk reports understandable is to provide context and evidence for your risk analysis and evaluation. This will help your audience to understand the rationale, assumptions, and sources behind your risk identification, assessment, and prioritization. You can use qualitative or quantitative methods to support your risk statements, such as historical data, expert opinions, surveys, simulations, or scenarios. You can also use visual aids, such as graphs, charts, or diagrams, to illustrate your risk data and trends.

5 Invite feedback and collaboration

A fifth way to make your risk reports understandable is to invite feedback and collaboration from your audience. This will help you to improve the quality, accuracy, and relevance of your risk reports, as well as to build trust and engagement with your stakeholders. You can ask for feedback on your report format, content, and delivery, and incorporate their suggestions and comments. You can also encourage collaboration on risk identification, assessment, and mitigation, and involve your audience in risk reviews and updates.

6 Review and update your report regularly

A sixth way to make your risk reports understandable is to review and update your report regularly. This will help you to keep your risk information current, accurate, and consistent, as well as to monitor the progress and effectiveness of your risk management actions. You should review your report at least once a month, or more frequently if there are significant changes or events that affect your project. You should also update your report whenever there is a new risk, a change in the status or impact of an existing risk, or a completion or modification of a risk action. You should communicate your report updates to your audience promptly and clearly.