How do you conduct a risk assessment and contingency plan for your research project?

2 Evaluate risks

The next step is to evaluate the risks that you have identified and prioritize them based on their likelihood and impact. You can use a qualitative or quantitative approach, or a combination of both, to assess the probability and severity of each risk. You can also use a risk matrix or a scoring system to rank the risks and categorize them into low, medium, or high. This will help you focus on the most critical risks and allocate your resources accordingly.

3 Mitigate risks

The third step is to mitigate the risks that you have evaluated and prioritized. Mitigation involves developing and implementing strategies and actions to reduce or eliminate the likelihood and impact of the risks. You can use four basic types of mitigation strategies: avoid, transfer, reduce, or accept. For each risk, you should identify the best mitigation strategy, the responsible person or team, the resources needed, the timeline, and the expected outcome.

4 Plan contingencies

The fourth step is to plan contingencies for the risks that you have mitigated. Contingencies are alternative plans or actions that you can take if the risks materialize or change unexpectedly. They help you prepare for the worst-case scenarios and minimize the disruption and damage to your research project. For each risk, you should identify the trigger or indicator that signals the need for a contingency plan, the contingency plan itself, the responsible person or team, the resources needed, the timeline, and the expected outcome.

5 Monitor and review risks

The fifth step is to monitor and review the risks and contingencies throughout your research project. Monitoring and reviewing involve collecting and analyzing data and information on the status and performance of the risks and contingencies, and comparing them with the baseline and expectations. They help you identify any deviations or changes in the risk environment, and adjust your mitigation and contingency plans accordingly. You should use appropriate tools and methods to track and report the risks and contingencies, such as risk logs, dashboards, charts, or tables.

6 Communicate and document risks

The sixth and final step is to communicate and document the risks and contingencies to your research team and stakeholders. Communication and documentation involve sharing and exchanging information and feedback on the risks and contingencies, and ensuring that everyone is aware of their roles and responsibilities. They help you build trust and transparency, and facilitate collaboration and learning. You should use effective and appropriate channels and formats to communicate and document the risks and contingencies, such as meetings, emails, reports, or presentations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?